Willis $10m drop
Willis Group Holdings reported a net income drop of $10m (£5.3m) after its decision to abandon contingent commission incomes. Its net income dropped to $108m (£57m) in the 2004 fourth quarter compared to $118m (£62.3m) in the fourth quarter of 2003.
Axis income drop
Bermuda-based Axis Capital Holdings' net income for 2004 dropped to $495m (£262m) compared with $532.3m (£281m) in 2003. It reported net income for the fourth quarter of $181.1m (£95.6m), compared to $160.5m (£84.7m) in 2003.
Wellington Underwriting Agencies said its final profit for the 2002 year of account was 12.8% of capacity. Underwriting capacity for the year was £642.2m. It also said its initial forecast range for the 2004 year of account would be between 8% and 15% of capacity. Underwriting capacity for 2004 year of account was £728.8m.
Ascot tops $2bn
Ascot topped $2bn premium income since it was established in November 2001. Its underwriting capacity for 2005 stands at £410m.