RNS Number:6562U
Goshawk Insurance Holdings PLC
27 January 2004



                         GoshawK Insurance Holdings plc

                  Results announcement date and trading update


GoshawK Insurance Holdings plc ("GoshawK"), the parent company of GoshawK
Reinsurance Limited in Bermuda ("GoshawK Re"), intends to announce its
preliminary results on 2 April 2004.  This announcement provides an update to
the market of GoshawK's recent trading.


Trading update


GoshawK Re's trading in 2003 was creditable, given the adverse impact of the
temporary suspension of its credit rating and the circumstances of Syndicate
102's closure.  Moderate loss activity and good investment results were the main
contributors to GoshawK Re's performance.


GoshawK previously announced on 23 December 2003 that revised banking
arrangements had been put in place.  These arrangements provide Goshawk with the
ability to maintain a stable capital base for GoshawK Re.  GoshawK Re's capital
position continues to be strong and is not materially impacted by the run-off of
Syndicate 102.


Overall, GoshawK Re's January 2004 renewal season was satisfactory.  The
international property account and the marine account had a good showing of
business and the underwriters were able to bind business that was well priced.
Signings were as expected, or better, for the majority of the business.  The
Lloyd's market, however, accounted for a smaller share than might otherwise have
been expected.  Less US property business was bound than had been planned.
Softening rates and an excess of capacity in the US reinsurance market generally
made it difficult for carriers without an established position in that market to
gain market share without compromising on margin.  GoshawK Re chose to maintain
underwriting discipline in these circumstances, but remains committed to
pursuing good quality US business.


Goshawk Re's underwriting portfolio was subjected to a rigorous reappraisal
during the final quarter of 2003.  The underwriting team is concentrating on a
core mix of short tail lines of business where the underwriters have particular
experience and successful track records.  The foundations have now been laid for
2004 and, although much work remains to be done, GoshawK Re intends to maintain
its discipline and focus on higher margin business with a view to generating
sustainable profitability for the long term.


Since the announcement on 31 October 2003 that Syndicate 102 would close to new
business and be put into run-off, good progress has been made in appointing an
agency to manage the run-off of the Syndicate and in managing the costs to
GoshawK of closing down its Lloyd's operations.  The formal transfer of the
Syndicate is expected to be complete by the end of April 2004.


As part of the restructuring consequent on the closure of Syndicate 102, GoshawK
continues aggressively to reduce its central overheads.  A significantly leaner
cost base is being put in place, the benefit of which is expected to be felt in
the latter part of the current financial year and thereafter.


In its announcement of 31 October 2003, GoshawK estimated that restructuring
costs of some #35 million would be incurred, of which some #32.2 million were
balance sheet write-offs or write-backs.  To date, some #3 million of
non-balance sheet restructuring costs have either been incurred or provided for,
the majority of which will be charged to the profit and loss account in 2003.
It is anticipated that this amount will constitute substantially all of the
costs of restructuring GoshawK.


Foreign Exchange


During most of 2003 GoshawK had in place a hedge to restrict the impact of
fluctuations in the rate of exchange between the US dollar and sterling on its
balance sheet.  This hedge was effective in mitigating the impact of weakening
in the US dollar against sterling.


Going forward, GoshawK will be primarily a dollar company, as its principal
trading subsidiary, GoshawK Re, operates in dollars.  GoshawK is currently
considering whether it will continue to manage the translation differences
arising from exchange rate fluctuations, as these differences do not result in
realised gains or losses.


Board Change


Consistent with the cessation of the majority of GoshawK's activities in London
and the steps taken to minimise GoshawK's central overheads, Andrew Castell has
notified the board of his intention to resign his position as Group Finance
Director.  Andrew has devoted considerable energy to GoshawK's affairs during
what has been an extremely difficult time and the board wishes to record its
appreciation of his efforts, which have been a significant contributor to the
process of restoring GoshawK to stability.  Andrew will remain in place as Group
Finance Director until the announcement of the Group's results.


Jon Beck, currently Chief Financial Officer of GoshawK Re, will assume the
additional responsibilities of Finance Director of GoshawK on Andrew's
departure.  Jon, a chartered accountant, has over ten years' experience of the
insurance market.  He joined GoshawK Re in April 2002, having previously been
Chief Financial Officer of ACE Capital Re International.  There is no further
information to be disclosed for Jon Beck pursuant to the requirements of
paragraph 6.F.2(b) to (g) of the UK Listing Authority Rules.





Paul Spencer, Chairman of GoshawK, said:


"We are pleased with the performance of the team in Bermuda in achieving a
creditable showing of business in the critical January renewals, especially
given the backdrop of the recent difficulties faced by the Group last year.  We
are focused on further building the strength of GoshawK Re's business during
2004 and beyond.


Excellent progress has been made in effecting the transfer of Syndicate 102 to a
run-off agency and in scaling GoshawK's UK overheads back to a level consistent
with its circumstances."



                                                              27 January 2004



ENQUIRIES:


GoshawK Insurance Holdings plc                       020 7621 0777
Paul Spencer, Chairman
Andrew Castell, Finance Director
College Hill Associates                              020 7457 2020
James Henderson














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