Everest blow

Everest Re yesterday received a potential earnings blow after the insurance agency which writes up to 12 percent of its written premiums cancelled its contract with the Bermuda-based reinsurer.

But Everest said it was maintaining its 2004 earnings outlook and may raise its forecast.

Everest said it had received received notice from insurance agency American All Risk Insurance Services (AARIS) that it was terminating a contract under which it does most of Everest's California workers' compensation business.

Everest said it had been aware that AARIS was considering other insurance relationships and had developed contingency plans to enable it stay in that market.

The contract with AARIS accounted for about 12 percent of Everest's 2003 written premium, but was expected to decline in 2004 due to increased competition and falling rates.

Secondary listing

Bermuda-based American Safety Insurance Group Ltd. took up a secondary listing on the Bermuda Stock Exchange yesterday.

ASIG will list up to 7.9 million common shares on the BSX. It has had a primary listing in the New York Stock Exchange since 1999. The specialty insurance holding company which develops, underwrites, manages and markets property and casualty insurance and reinsurance to targeted niche markets for environmental remediation, contracting and other specialty risks, was the second Bermuda insurer to list on the BSX last week after Aspen Insurance Holdings Ltd.

In 2003, ASIG had total revenues of $176 million total shareholder's equity of $95 million.