Bermuda-based CRM Holdings, Ltd., a leading provider of fee-based management and other services for workers' compensation self-insured groups in New York and California, recorded a 35 percent increase in net income for the third quarter.

CRM also said the California Department of Insurance had authorised its acquisition of Embarcadero Insurance Holdings, Inc., and its subsidiary, Majestic Insurance Company.

Net income for the third quarter of 2006 was $3.3 million, or $0.21 per diluted share, up 35 percent from net income of $2.5 million, or $0.24 per diluted share, in the third quarter of 2005.

Total revenues reached a record $17.3 million in the third quarter of 2006, up 44 percent from $12 million in the same quarter of 2005.

Fee-based management services revenues increased four percent, to $10.1 million.

The company said net reinsurance premiums increased 179 percent, to $6.3 million, primarily due to the enhanced quota share arrangement entered into by the company's subsidiary, Twin Bridges (Bermuda) Ltd.

Bermuda-registered Aircastle yesterday said net income for the third quarter tripled to $15.2 million as it increased leases for the aircraft it owns.

Aircastle, which leases passenger and cargo jets to commercial airlines, said revenue in the third quarter rose 26 percent to $53.1 million for the three months ending September 30.

Aircastle, which operates out of Stamford, Connecticut, said growth in revenues reflected the growth in the company's aircraft portfolio.

At September 30, the company had leased 65 aircraft to 32 airlines.

LONDON (Bloomberg) ? Ship Finance International Ltd., an oil-tanker financier that leases vessels to shipowners, bought two ships from Frontline Ltd., the world's biggest oil-tanker operator by capacity.

Ship Finance, which was spun off from Frontline in June last year, said in a statement that it will take delivery of the 1 million-barrel tankers, which are being built at a Chinese shipyard, in 2009. No price was disclosed.

Frontline will supervise construction of the vessels, the statement said. Ship Finance, which leases most of its vessels to Frontline, said it will seek to market the new tankers for "medium- to long-term employment".

Ship Finance and Frontline are led by Norwegian billionaire John Fredriksen, who is the largest shareholder in both.

JOHANNESBURG (Bloomberg) ? Aquarius Platinum Ltd., a producer of platinum and palladium in southern Africa, said yesterday it agreed to buy 3.5 percent of Aquarius Platinum South Africa from Savannah Consortium for 342.5 million rand ($46.8 million) in cash.

The deal will raise Aquarius Platinum's stake in the South African unit to 54 percent from 50.5 percent, Bermuda-based Aquarius said yesterday.