A year of account that has been closed into another year of account by means of a reinsurance to close contract. Historically most companuies syndicates have operated a three year underwriting account according to which the profit or loss of an underwriting account is determined by the managing agent 36 months after the beginning of that account which is always the start of a calendar year. According to this system the normal closure date of the 2000 year of account (which commenced on 1 January 2000) was 31 December 2003 with the calculation of the reinsurance to close as at that date being finalised in or about February/March 2004.
