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Archive Stories
Archived stories from 2006

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Mocha Re announces first day results

New start-up reinsurer Mocha Reinsurance Company has announced its results for the first quarter of the first day of operation. Clearly emotional Chief Executive Sir Norbert ?Nobby? Johnson, said ?It?s been an incredible start ? we opened for business at 10am and by midday we had taken US$22.49 (?5,000).?

Sir Nobby announcing the results

Jerzy W. Edelweiss, insurance analyst at investment bank Mammon Doshberger, said he would keep the company on ?buy? until his shares had peaked in value.

Sir Nob continued ?It?s early days but we?re hopeful we can put out a financial press release every day for the next year.? He added that the company was hopeful of a Spitzer investigation ?to boost our profile and give us the oxygen of publicity. If not, we?re stuffed.?

He added that he hoped the results would be recognised by ratings agencies. Mocha Re is currently rated as DD - (Beyond Poor).

Full Results

First Quarter First Day Results 2006

Gross written premiums US$22.49
Really gross written premiums US$2.49
Net earned realised but not reported, less catastrophe losses, less collateralised bond payments but not exactly earned yet, revenue US$0.49
Claims incurred US$2,247,586
Net loss after tax, before adding up, and about the same time as equalisation reserves, before some inconsequential extraordinary items (US$2.49)
Net loss after tax, before adding up, and about the same time as equalisation reserves, after some inconsequential extraordinary items (US$3,545,678)
Combined ratio 2%


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