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

Despite publishing an improved outlook, Moody’s was again on the receiving end of criticism from Hannover Re, last week.

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.

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

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