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  • Bermudian reinsurer Max Re has reported Q4 net income of $36.4mn, or $0.76 per diluted share, compared to net income of $11mn, or net income of $0.29 per diluted share, for the same period in 2002.
  • Bermudian giant ACE impressed analysts with a record set of results last Thursday (5 February, 2004), earning $1.4bn in 2003, equivalent to $4.93 per share, and up from $77mn or 19 cents per share the previous year, which was hit by a $354mn fourth quarte
  • Willis Group finished 2003 with a healthy organic growth of 15 percent for the year as it revealed total revenues had grown 20 percent to $2076mn.
  • Canadian insurance combine Fairfax Financial Holdings Ltd revealed a return to underwriting profit last week with “record” earnings of $271.1mn for 2003, which included a positive underwriting contribution of $87.7mn.
  • Allianz Australia agreed last month to pay A$120mn to the creditors of HIH, the Australian insurer which collapsed in 2001 with debts of around A$6bn.
  • A new report by Risk Management Solutions (RMS), a provider of products and services for the management of catastrophe risk, estimates that approximately $1.8bn of catastrophe-linked securities were placed in 2003, with the trend towards innovative transa
  • The Financial Services Authority (FSA) has issued prohibition orders against six former directors of the European division of Chiyoda Fire and Marine Insurance, now known as Aioi Insurance Company of Europe Limited.
  • On the eve of the key 12 February renewal date for shipowners’ protection and indemnity cover, came encouraging news from rating agency Standard & Poor’s (S&P).
  • Established Bermudian RenaissanceRe trumped analysts’ expectations with record earnings figures last week, posting operating earnings of $524mn for 2003, equivalent to $7.38 per share and significantly higher than consensus estimates of $1.81 a share.
  • US insurer Allstate narrowly beat analysts’ projections as it announced a 71 percent increase in net income per share and a 22 percent rise in operating income per share for the fourth quarter 2003.