NEW YORK (Reuters) - Willis Group Holdings Ltd. (WSH) , the world's No. 3 insurance broker, on Tuesday reported a quarterly net loss on charges for stock options and implementing new accounting standards. The London-based broker, majority-owned by buyout firm Kohlberg Kravis & Roberts Co., reported a net loss of $7 million, or 5 cents a share, compared with $17 million, or 12 cents a share, in the year-earlier quarter.

Excluding one-time items, Willis reported earnings of 35 cents a share, up from 18 cents a year ago. On that basis, Wall Street had expected a profit of 29 cents a share on average, with estimates ranging from 27 cents to 33 cents, according to market research firm Thomson First Call. Excluding items, earnings rose as Willis, like rivals Marsh & McLennan Cos. Inc.and Aon Corp. , benefited in the quarter from soaring insurance rates, following a decade-long slump, as it gets a percentage of premiums placed for corporate clients.