Bermuda-based Goshawk Insurance reported full year losses of $3 million after it paid around $40m in claims relating to natural disasters in Japan and the US in the third quarter of this year.

The group?s loss after tax for the year was $3m compared to a 2003 loss after tax of $108m. Together with reserve movements of $4m, this represents a decrease of $7m in net assets, which now stand at $172m, the group said.

Fully diluted net asset value per share at the year-end was $1.00 compared with $1.03 the year before.

Goshawk chairman Paul Spencer is confident the company will perform well in 2005, and said: ?The change in strategy, the re-branding of the Bermuda operation and the retention and strengthening of the executive and underwriting teams in Bermuda have all provided a solid basis for our excellent progress at the January 2005 renewals.?

A dividend has not been offered, the company said: ?Due to the transitional nature of 2004 and the impact of the losses from natural catastrophes during the year.?