Three more Bermuda-based reinsurance companies gave guidance on future earnings following presentations made by their senior executives at the Bermuda Angle conference this week.

The announcements followed forecasts given by both PartnerRe and ACE, which also announced plans to launch an IPO for its financial guaranty business.

RenaissanceReprojected that its earnings per share for 2004 would be in the range of $6.10 to $6.50, while the company said its operating return on equity could jump by 20 percent.

RenRe said its predictions for 2004 assumed normal loss activity, and an anticipated reduction of prior year catastrophe loss reserves of over $30 million. It said its reduction in reserves assumed that payment levels and other data regarding these reserves are consistent with 2003.

Looking at the current quarter, RenRe predicted it would post between $1.55 to $1.95 per share of earnings in the fourth quarter. Those numbers were predicted to add up to the company earnings for the full year, 2003, estimated operating earnings in the range of $6.80 to $7.20 per share.

RenRe said that in arriving at the 2003 estimates, the company had anticipated a fourth quarter reduction to its prior accident year catastrophe loss reserves in the range of $30 to $40 million, assuming no material changes in the data regarding these loss reserves. It also said that the 2003 estimate assumed normal loss activity for the remainder of the quarter.

CEO and chairman Jim Stanard said: ?We clearly see 2003 as an outstanding year for RenaissanceRe and are excited about our prospects for 2004.

?For 2003, our operating return on equity is expected to outpace our peer group, and has benefited from light catastrophe loss experience in the first half of the year, favourable reserve development, and foreign exchange gains. For 2004, we project that we will continue with a high operating return on equity, in the range of 20 percent. Looking ahead to our managed gross written premium estimates for 2004, we expect our cat(astrophe) business to have flat to modestly declining premium, 15 percent growth in our specialty reinsurance premium, and over 30 percent growth in our individual risk premium.?

Meanwhile, Max Re Capital Ltd. said during 2004, it expected to post earnings of $2.50 to $3 per share.

Guidance was also given by one of Bermuda?s newest companies ? Platinum Underwriters Holdings, Ltd. ? which said that, based on the current industry environment, the mix of business underwritten, and in the absence of any unusual catastrophe activity, it estimated it would next year write approximately $1.4 billion in net premiums.

Platinum also predicted that its combined ratio for 2004 would be in the range of 90 to 95 percent.

Looking at its combined portfolio of cash and fixed maturity investments, Platinum said it expected that to exceed $2.1 billion by the end of 2004. On this basis, Platinum projected earnings for the next year of $3 per share based on an estimate of 51 million diluted shares.

The annual Bermuda Angle conference, now in its 12th year, has historically taken place on the Island at the Fairmont Southampton in October. However, the onslaught of Hurricane Fabian in early September put paid to those plans with the hotel closing down for repairs and the Bermuda Angle having to be re-scheduled to December.

The re-scheduled event did however reportedly attract record numbers this year, despite its move to the Boca Raton Beach Resort and Club, with nearly 200 analysts signed up to attend the prestigious, invitation only conference this week.

The conference gives analysts the opportunity to get updates on company financials and press the senior management of the Island?s top public insurers and reinsurers ? ACE Limited, IPC Holdings Ltd., PartnerRe, Renaissance Re, XL Capital, Max Re, Arch Capital, Axis Capital, Endurance Specialty, Montpelier Re and Platinum Underwriters.