results for 1999.

Net income increased by 28 percent to $33 million, premiums earned topped $170 million and an underwriting profit for the eleventh consecutive year was produced, said President and Chief Executive Officer Jens Juul.

He added: "The accomplishments of the past year are significant in today's market.

"It is anticipated that the international reinsurance market as a whole will report a sizable underwriting loss as a result of rate erosions over the last few years, coupled with the severe catastrophic events of 1999.'' Reinsurer posts record results Further results showed that fee income also rose by more than 60 percent to total $8.6 million and net investment income, including realised capital gains, also reached a record $27.2 million, said Senior Vice President and Chief Financial Officer Nigel Godfrey.

He added that total assets increased from $860 million to $1.2 billion while shareholders' equity ended up at $312 million.

Henry Withinshaw, Senior Vice President in charge of Scandinavian Re's London representative office, noted: "The London Office continued to develop contacts and to create awareness amongst the broker community regarding Scandinavian Re's innovative problem solving products and techniques.

"Our presence in London over the past six years has been instrumental in making us one of the choice providers of finite risk products to the London market and Europe.''