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  • 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.
  • Lloyd’s insurer Beazley had its AM Best A (excellent) financial strength rating affirmed last week on its two Syndicates, 623 and 2623.
  • French President Jacques Chirac has weighed into the row over Credit Lyonnais’ allegedly fraudulent acquisition of failed US insurer Executive Life, saying his government will still work with US authorities to resolve the dispute despite its rejection of
  • XL Capital will take a $184mn pre-tax ($160mn post-tax) charge in the third quarter to bolster its US casualty reserves, the insurer revealed last week.
  • Subsidiaries of SCOR owned Commercial Risk Partners (CRP) were dealt a downgrade by ratings agency AM Best last Wednesday over capitalisation fears.
  • Equitable Life decision may increase UK D&O demand