A year down the track since it was formed from the hulk of ReAC, general insurer Calliden has announced a net loss of $5.7 million on gross written premiums of $11.9 million for the nine months to December 31.

The company’s revised forecast was for a $6 million loss on gross written premiums of $10 million. CEO Nick Kirk says last year was “successful and satisfying”, even if the original premium target was not met.

“We obtained our licences from [the Australian Prudential Regulation Authority] and [the Australian Securities and Investments Commission], and in the nine months since accepting our first risks we have concentrated on building the management and underwriting teams, and our infrastructure to support future growth,” he said.

He says Calliden now has a solid platform for the future and is looking forward to a successful 2006.

Mr Kirk says Calliden turned down 40% of enquiries because the company intends to maintain a consistent underwriting policy that will deliver sustainable returns over the long term.

The Sydney-based company is focused on the SME and niche personal lines sectors and is forecasting $60 million in gross written premium for the full year.