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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.