Everest Re Group, Ltd. warned yesterday that catastrophe losses from the fourth quarter of 2004 would reduce its net income by $133 million.

The Bermuda-based reinsurer said the reductions would cut its profit for the three months to December 31 by $2.32, but said it still expected to report net income of $2 per share, which equates to net income of $114 million.

Everest said the costs came as a result of re-estimates of losses from the third quarter Florida hurricanes and Pacific typhoon Songda and an initial loss provision related to the December Tsunami in East Asia.

Everest said it still expects to add $200 million to shareholders' equity, with year-end shareholders' equity in excess of $3.7 billion when it announces its results on January 31.

On Tuesday, PartnerRe Ltd. said that it expected claims relating to its exposure to last month's 9.0 magnitude earthquake and resulting tsunami in Southeast Asia to be between $25 million and $35 million.

Everest, which made the announcement after the close of trading, ended the day down 63 cents to $87.39 on the New York Stock Exchange as most Bermuda insurance stocks lost ground.

Nordic American to delist in Oslo

Bermuda-registered Nordic American Tanker Shipping Ltd. is to delist from the Oslo Stock Exchange.

Nordic American will instead only be listed on the New York Stock Exchnage, where it trades under the ticker symbol NAT.

The company, which owns four double hull suezmax tankers, said it was delisting in Oslo because of small trading volumes and the preference of European investors to trade the shares in New York where trading volume and liquidity are good.

The delisting in Oslo will save costs, and NAT can concentrate its investor relations efforts in the US market, the company said. Nordic American moved from the American Stock Exchange to the NYSE last November, at which time it also raised $113 million in a secondary offering.

Scottish Re closes credit facility offering

Scottish Re Group Ltd. has closed an offering for a $325 million credit facility for its Cayman subsidiary.

The collateral facility securities allow Scottish Annuity & Life Insurance Company (Cayman) Ltd. to issue funding agreements at a pre-determined price, without any conditions and at any time, in exchange for a portfolio of highly rated 30-day commercial paper. The collateral facility matures on January 12, 2015.

Move to incorporate Internet advertiser

The people behind Bermuda's popular electronic classified service - e-Moo - have applied for Government permission to incorporate as limited liability company.

A legal notice this week said that James Thain, on behalf of Igility Limited, and Donna Gauthier were applying to incorporate the local company under the name of E-Moo Ltd.

However, the parties involved were not this week ready to discuss what their next steps might be.