Reinsurance

The E&S markets greater freedoms are needed in this time of volatility, and there are significant business opportunities for wholesale brokers and E&S carriers that step up and assume this vital role.

The E&S markets greater freedoms are needed in this time of volatility, and there are significant business opportunities for wholesale brokers and E&S carriers that step up and assume this vital role.

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.

Transatlantic Holdings Inc. says third-quarter net income was down nearly 50 percent due to $71 million in catastrophe losses and $57 million in costs mostly related to the termination of its merger agreement with Allied World Assurance Co. Holdings.

Catastrophe modeler AIR Worldwide puts estimated insured losses from the magnitude 7.2 earthquake in eastern Turkey at between $55 million and $170 million, lower than the $100 million to $200 million estimate released yesterday by 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.