New Cap Reinsurance Corp is headed for a worse than expected loss, with the company forced to take the embarrassing step yesterday of seeking a suspension of its shares because it cannot complete its accounts within the deadline set by the stock exchange.

New Cap's managing director, Mr Azmin Daya, said in a notice to the ASX that the company anticipated the "that the loss announced for the year ended December 31 1998 will be materially worse than the previously advised figure of circa $US90 million [$141.5 million]."