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PRESIDENT'S MESSAGE
In the 29 years of operation QBE Del Istmo has enjoyed a continuous and healthy growth, always considering the trust deposited on us by our clients in most of Latin America. This support and loyalty has been the main motivation for our quest to make our company financial strong and to continually seek to improve our service. The achievements we have been able to attain is the direct result of the arduous and professional dedication of all our dedicated employees, who have given their best without reservations. Through the years, we have helped to alleviate the hardships caused by hurricanes, earthquakes hailstorms, floods, landslides, public disorders, and many other public and personal catastrophes, we are committed to keep supporting our clients in these endeavors for many more years to come. At present, QBE Del Istmo has offices in Panama, Mexico, Colombia and Peru allowing a personal and continuous contact with our clients and first hand knowledge of their business environment; which, in turn, allows us to structure reinsurance solutions in accordance to their particular needs and with the celerity necessary in our industry today. At the end of the fiscal year ending 2007, our total assets reached near U.S.$ 255 million, of which U.S.$ 54 million accounted for cash and investment, U.S.$ 13 million of Property and U.S.$ 72 million cedents' accounts receivable. Paid in capital and reserves exceeded U.S.$ 93 million and premiums reached U.S.$ 144 million. We feel we have reached an excellent financial and administrative position as certified by our ratings of pa AA by Duff & Phelps, BBB- by Standard & Poor's (Investment Grade) and mx AA by Standard & Poor's (Mexican rating scale). In regards to the operation, we have always maintained our technical results above the industry standards. Our combined ratio at year end was at 86.5 %, our solvency margin stood at 1.41 to 1. Our net profit came to U.S.$ 13.3 million, which represents a 86.53 % increase over last year's results. Growth demands a well structured development policy that facilitates and expedites the ever increasing volume of demand for our services, in an effective manner without deviating from our business principles, which have allowed us to reach a privileged position in our industry. We have made significant inroads in the application of Corporate Government principles and strategic planning. We are committed to the further development and strengthening of our company, improving and implementing the latest management models and controls. To our clients and reinsurance brokers, we extend our heartfelt gratitude for the trust bestowed on us these past 29 years, which has been a significant factor in the successful development of our company. Also, to our retrocessionaires, whose backing has given an us the ability to enhance our services. To our shareholders, whose trust made possible this venture and to our collaborators, who are in fact our extended family, our utmost gratitude for making this company what it is today. Thank you Very Much. Ramon E. Fernandez Quijano |
