RTW, Inc. Posts Significant Y'01 Losses

RTW, Inc. (Nasdaq:RTWI) reported gross premiums earned of $97.4 million for the year ended December 31, 2001, compared to gross premiums earned of $95.9 million reported for 2000. After ceding premiums to reinsurers, net premiums earned decreased by 47.6 percent to $40.9 million for the year ended December 31, 2001 from $78.2 million for 2000. Premiums earned decreased due to ceding $45.1 million in premiums under the Company's new quota share reinsurance agreement that was effective January 1, 2001, offset by a $6.1 million reduction of premiums ceded under the Company's lower layer excess of...