Bermuda-based reinsurer Montpelier Re Holdings Ltd. said yesterday that it expects to report strong first quarter earnings as a result of low losses.

Montpelier Re president and chief executive officer Anthony Taylor said the company will announce its earnings on April 30 and expects to report first quarter diluted earnings per share between $1.48 and $1.58.

"Our preliminary review indicates that the first quarter of 2003, like the preceding fourth quarter of 2002, was an excellent one for us," Mr. Taylor said. "Our strong results are primarily due to minimal reported losses during the quarter, combined with reductions in losses reported in 2002."

Montpelier, which was formed in the wake of the September 11, 2001 terrorist attacks, went public last year. Its shares were trading up $1.85 at $31 in late afternoon trading.

ACE Bermuda Insurance Ltd. yesterday announced the promotion of Klaus Gebhardt to executive vice president. Mr. Gebhardt is responsible for the management of ACE Bermuda's global property and first party specialty lines of business. Mr. Gebhardt joined ACE Bermuda in June, 1999 as a senior vice president of the property department.

He previously held the position of senior vice president and chief underwriting officer at Arkwright Mutual Insurance Company, where he was responsible for the management of the company's underwriting and claims functions. Prior to that, he worked with Allianz Insurance Company in the United States and Germany.

Mr. Gebhardt holds a Bachelor's degree in property insurance from the Stuttgart Business School and an advanced Business degree in property insurance from the Insurance Industry in Germany.

XL Capital Ltd will host an Investor Day in New York on May 20. The event, at the Barclay Hotel in New York City, on 111 East 48th Street, beginning at 8 a.m. (Eastern Daylight Time) will focus primarily on XL's financial products, services and investment activities.

Presentations will include the company's strategic objectives for f products and services, including investments in affiliates, and sessions on how the company uses credit derivatives.

XL president and chief executive officer Brian O'Hara and corporate executives, along with senior management from the company's insurance and reinsurance segments, will join executives from XL's financial products and services and investment operations at the event.

Capital G have added another banking service to their list. Interested customers will be able to send and receive wire funds internationally. The new service will be handled by tellers in their banking hall.

Sarah Farrington, president and CEO of Capital G Bank Limited said yesterday that HSBC Bank USA is their banking partner in the service.