A Bermuda-based insurance and reinsurance company has reported record consolidated earnings of nearly $30 million for 1999 and revealed it has increased the amount of business it does in a single year by 50 percent.

Commercial Risk Reinsurance Company Ltd.'s earnings for the year ended December 31, 1999, represent a rise of 12 percent over the previous year.

The company's business is also growing with an increase in the number of gross written premiums worth $438.9 million which this year were up 37 percent from 1998. Net earned premiums rose 54 percent to stand at $340.6 million.

President and Chief Executive Officer of the company, Graham Pewter said: "We are very pleased with our 1999 results. Earnings were at record levels and revenue growth continued as, for the fourth successive year, our total insurance volume -- premiums booked through our income statement, or directly to our balance sheet -- increased by more than 50 percent, reaching $621 million.'' The company also revealed that for 1999 its assets were calculated at over $1 billion for the first time.

Cash flow also went up from $204.5 million in 1998 to $232.8 million, and as a result invested assets went up to 29 percent and investment income rose 32 percent to $42.3 million.

Mr. Pewter added: "1999 was a very successful trading year for us. Demand for our frequency-driven casualty products continued to grown as we consolidate trading relationships with our primary insurance partners. We have developed a large and diversified portfolio of business, the stability of which is underpinning our underwriting performance.'' Mr. Pewter added that during the year the company continued to underwrite weather-related risks and have developed a diversified portfolio of contracts which are both in the form of reinsurance and derivative contracts.

He added: "We believe that the potential for weather-related covers is enormous and this year we will strengthen our resources and broadened the range of products we offer the market.'' The company, which is the principal operating subsidiary of the Commercial Risk Group and has become a wholly owned subsidiary of specialist reinsurer and insurer SCOR, has a financial strength rating of `AA' minus from Standard and Poor's and an `A' plus (superior) rating from A.M. Best.