net loss of $8.7 million for the year 2000, with some of the losses in the last quarter due to moving to Bermuda.

But this loss is considerably better than the year before, when the net loss of the company stood at $32.7.

On November 8, 2000, Arch completed the reorganisation and the move to Bermuda and yesterday's release said: "The 2000 fourth-quarter net loss primarily consisted of investment losses realised upon restructuring the company's investment portfolio in connection with its re-domestication to Bermuda and the establishment of a contingent reserve in connection with an escrow (money held as security until the conditions of a contract are met) arrangement relating to the sale of the Company's reinsurance operations in May 2000.'' For the year 2000, net loss figures included after-tax realised investment gains of $9.5 million and equity in net income of investees of $1.3 million.

The net loss for the full year of 1999 included after-tax realised investment gains of $11.2 million.

For the full year of 2000, after-tax net investment income was $11.2 million, compared with $14.6 million for the same 1999 period.

For 2000, net loss of premiums written stood $10.6 million, compared to gains of $306.7 million in 1999.