October 2003/5

Broker Willis announced record 2003 third-quarter results last week on the back of strong revenue growth.

Everest Re Group announced a 64 percent increase in quarterly net income last week, helped by higher premium rates. The Bermuda-based reinsurer said gross premiums written for the third quarter of 2003 were $1.24bn, a 75 percent increase on the $708mn

IPC Holdings last week reported net income of $62.1mn for the quarter ended September 30, or $1.29 per share, compared to $45.8mn, or $0.95 per share, for the third quarter of 2002.

Bermudian life reinsurer Scottish Re Group Ltd has agreed to pay $151mn cash for 95 percent of Employers Re’s life reinsurer, ERC Life Reinsurance Corporation.

Marsh and McLennan, the parent of the world's largest insurance broker Marsh, saw its share price fall this week despite the company posting a 19 percent rise in quarterly profits on the 21 October.

Bermuda’s new financial guaranty reinsurer – backed by RenaissanceRe, Partner Re, Koch Financial and MBIA – will be called Channel Re.

American International Group (AIG) posted record profits for the third quarter of 2003 last week despite higher catastrophe losses and a $2bn increase in reserves.

Embattled Lloyd’s insurer Goshawk saw AM Best affirm the A- (excellent) financial strength rating of its Bermudian reinsurance subsidiary GoshawK Re, last week.

Willis Group Holdings announced today that it has agreed to acquire the Italian reinsurance broker Ital Re SpA, for an undisclosed sum.

Odyssey Re will surpass analysts’ expectations when publishing its third quarter results on Thursday (30 October), the company revealed last week.

US insurer Markel Corporation is set to unveil a third quarter loss of up to $20mn later this week as it joined a list of (re)insurers announcing reserve increases in the third quarter.

Rating agency Standard & Poor’s upgraded Gerling General Insurance Company (GKA) last week to BBB (outlook positive) from BBB- (outlook positive), following Gerling’s recent EUR150mn cash injection.