IPCRe Ltd., Hamilton, Bermuda. The rating also applies to its wholly owned subsidiary, IPCRe Europe Ltd., based in Dublin, Ireland.

The rating, Best says, reflects the company's superior balance-sheet strength, favourable earning trends and established market position as a catastrophe reinsurance specialist. It also takes into account the company's strategic affiliation with its original sponsor, American International Group Inc., a leading global insurance company. These positive rating factors are derived from the company's experienced management team, disciplined underwriting approach and conservative risk-mitigation strategies.

IPCRe focuses on excess-of-loss property catastrophe reinsurance and, to a limited extent, marine, aviation and property per risk coverage. The company's globally diversified book of business is carefully monitored for aggregate accumulations. These accumulations are based on total policy limits exposed, with the maximum allowable gross exposure in any single zone limited to a preset percentage of capital.

Delphi pleased with 3Q earnings Bermuda start-up Delphi International Ltd. has reported net income attributable to common shares of $0.8 million, or $0.19 per share, for the quarter ended September 30, 1999 and net income attributable to common shares of $3.4 million, or $0.84 per share, for the nine months ended September 30, 1999.

The company started underwriting through its Bermuda-based subsidiary Oracle Reinsurance Company Ltd., a specialty reinsurer, on January 28, 1998. Premiums for the quarter ended September 30, 1999 of $2.3 million were derived from workers' compensation quota share reinsurance. Net investment income was $3.9 million for the quarter ended September 30, 1999. Net investment income consists principally of income derived from investment vehicles of independent investment managers. Revenues for the quarter ended September 30, 1999 were $6.2 million. Provisions for losses incurred were $3.2 million. Provisions for total losses and expenses were $5.2 million.

American Safety profits up Bermuda's American Safety Insurance Group, Ltd. (ASI) has announced an increase in net earnings of six percent, despite a drop in net earnings of 15 percent for the third quarter of 1999.

Total revenues for the quarter ended September 30, 1999 increased by 55 percent to $6.0 million, compared with $3.9 for the same quarter in 1998. Net premiums earned for the third quarter of 1999 increased by 125 percent to $4.0 million over the same quarter of 1998. Net operating earnings for the third quarter of 1999 decreased by 19 percent to $1.2 million, or $0.21 per diluted share on 6.0 million average shares outstanding, compared with $1.5 or $0.25 per diluted share on 6.1 million average shares outstanding, for the third quarter of 1998.

Net earnings for the third quarter of 1999 decreased by 15 percent to $1.4 million, or $0.23 per diluted share, compared with $1.6 million, or $0.26 per diluted share, for the third quarter of 1998. The book value of the company has increased to $10.32 per share at September 30, 1999 as compared to $9.55 at September 30, 1998.

Both net operating earnings and net earnings for the third quarter of 1999 and for the nine months ended September 30, 1999, were affected by increased operating expenses attributable to the addition of personnel in connection with the Company's new insurance business units and the loss of interest on notes receivable as a result of the previously announced foreclosure on property located in Ponce Inlet, Florida.

Compiled by Roger Crombie