Two Bermuda-based insurers say catastrophes hurt their third-quarter earnings, with Everest Re reporting a 64 percent drop in net income and Montpelier Re posting a net loss.

Insurance broker Arthur J. Gallagher's chief executive is upbeat about the firms third-quarter performance, and told analysts that rate increases are necessary for the industrys health.

Scientists believe there is evidence that great earthquakes occur in clusters over a period of years and that a significant event is on the horizon, according to a report from catastrophe modeler Eqecat.

Argo Group says its total third-quarter catastrophe losses could amount to $40 million while Penn Millers says its losses could exceed $3 million.

Argo Group says its total third-quarter catastrophe losses could amount to $40 million while Penn Millers says its losses could exceed $3 million.

Despite the devastation and billions of dollars in economic damage that Turkey has suffered from Sundays 7.2 magnitude earthquake, the insurance industrys burden should be minimal with one loss estimate at up to $200 million.

The recent departure of two chief executive officers at Willis Group Holdings had nothing to do with ongoing company activity, the firms chief executive says.

Insurance broker Willis Group Holdings plc says third-quarter net income decreased 8 percent in part due to a $15 million charge for its operational review that eliminated 200 positions during the third quarter.