The following Bermuda based companies released quarterly earnings reports in recent days:reported that its net income for the 2005 second quarter rose 21 percent to $126 million compared with $104.3 million for the 2004 second quarter.

The company?s operating income for the quarter was $113.7 million, or $1.53 per share compared to $106.9 million, or $1.45 per share, for the 2004 second quarter.

Arch Capital also said that it expects to incur net losses of between $15-$25 million in the 2005 third quarter resulting from Hurricanes Dennis and Emily, however it has received relatively few claims advices to date.

Net investment income increased to $53.7 million for the 2005 second quarter due to a higher level of average invested assets and an increase in the pre-tax investment income yield.

? Net income: $126 million, a 21 percent gain from $104.3 million in the second quarter last year

? Net income broken down per share: $1.69 per share compared to $1.42 per share a year ago

? Operating income*: $113.7 million, a six percent gain from $106.9 million in the same quarter a year ago

? Gross premiums written: $940.8 million, a 15 percent increase from $816.3 million in the same period a year ago

? Net premiums written: $723.7 million, a seven percent increase from $677.6 million in the same period a year ago

? Net investment income: $53.7 million, a 63 percent increase from $32.8 million a year ago

? Combined ratio**:89.3 percent compared to 87.8 percent for the 2004 second quarter

? Shareholders? equity increased to $2.5 billion from $2.2 billion at the end of last year second quarter income of $43.5 million, a 35 percent gain from $32.3 million in the second quarter of 2004. Net operating income was $42.3 million or $1.27 per share during the second quarter of 2005 compared to $32.8 million or $1.21 per share for the corresponding period of 2004.

Net investment income for the second quarter of 2005 increased 36 percent or $1.8 million, to $6.7 million as a result of increased income in the company?s fixed maturity and short-term investment portfolio of $2.2 million.

Jeffrey L. Radke, President & Chief Executive Officer of PXRE Group, said: ?We continue to successfully execute our strategy, as evidenced by net income of $43.5 million achieved during the quarter, the highest quarterly net income in PXRE?s history.

?Against the backdrop of a challenging property reinsurance environment, our strong market position with our focus on retrocessional business has allowed PXRE to take advantage of opportunities available in certain segments of the market. We remain on track to achieve our previously announced goal of ten percent cat and risk excess earned premium growth in 2005.?

Loss and loss expenses incurred in the second quarter of 2005 were $25.1 million which included $11.9 million of prior year net losses, primarily attributable to additional claims reported with respect to the 2004 storms.

The company does not expect to experience significant losses from the hurricanes that occurred in July 2005.

?Our loss estimates are preliminary, however, as history has proven that it is difficult to accurately estimate losses in the immediate aftermath of a catastrophe. Assuming our preliminary estimates are accurate, we continue to expect to achieve earnings of $4.50 to $5.00 per diluted share for 2005 if no major catastrophes occur during the rest of 2005,? Mr. Radke said.:

? Net income: $43.5 million, a 35 percent improvement from $32.3 million in the second quarter last year

? Net income broken down per share: $1.30 per share compared to $1.20 per share a year ago

? Operating income*: $42.3 million, a 29 percent gain from $32.8 million in the same quarter a year ago

? Gross premiums written: $66.9 million, a 26 percent increase from $52.9 million in the same period a year ago

? Net premiums written: $63.5 million, a 24 percent increase from $51.2 million in the same period a year ago

? Net investment income: $6.7 million, up 36 percent from $4.9 million a year ago

? Combined ratio**:54.1 percent compared to 54.5 percent during the same period a year ago

? Shareholders? equity increased to $763.5 million from $696.6 million at the end of last year reported second quarter net income of $22.3 million, compared to net income of $12.6 million for the three months ended June 30, 2004. Net operating income was $21.5 million compared with $15.2 million for the three months ended June 30, 2004.

Robert J. Cooney, Chairman, President and Chief Executive Officer, said: ?For the second quarter Max Re showed strong premium growth in our property and casualty insurance and life and annuity reinsurance products.

?Our property and casualty underwriting produced excellent results with a combined ratio of 87.4 percent for the period. Even though our net gains on alternative investments were below the portfolio?s historical average, strong underwriting results enabled us to earn $0.45 per share for the quarter and end the period with total shareholders? equity above $1 billion.?

Of the $245.1 million in gross premiums written for the three months ended June 30, 2005, $211 million came from property and casualty underwriting and $34.1 million from life and annuity underwriting.

Net premiums earned during the second quarter of 2005 increased to $191.9 million compared to $171.8 million for the same period of 2004 due to a life and annuity contract written and earned in the three months ended June 30, 2005, which accounted for $34.1 million of net earned premiums compared to $2.2 million of life and annuity net earned premiums for the same period of 2004.

Net investment income for the three months ended June 30, 2005 increased to $25 million and is principally attributable to increased cash and fixed maturities balances held from period to period.:

? Net income: $22.3 million, a 75 percent gain from $12.6 million in the second quarter last year

? Net income broken down per share: $0.45 per share compared to $0.26 per share a year ago

? Operating income*: $21.5 million, a 42 percent gain from $15.2 million in the same quarter a year ago

? Gross premiums written: $245.1 million, an increase of 33 percent from $183.7 million in the same period a year ago

? Net premiums written: $192.2 million, a 41 percent increase from $136.1 million in the same period a year ago

? Net investment income: $25 million, up 27 percent from $19.7 million a year ago

? Combined ratio**:87.5 percent compared to 86.9 percent during the same period a year ago

? Shareholders? equity increased to $1.03 billion from $937 million at the end of last yearsecond quarter net income declined 93 percent on higher than expected mortality in the quarter that decreased net income and net operating earnings by approximately $11.2 million or $0.24 per share.

Net income for the quarter ended June 30, 2005 was $1.6 million compared to $28.7 million for the prior year period. Net operating earnings were $19.7 million as compared to $18.1 million for the prior year period.

?We are disappointed with the results for the quarter,? said Scott E. Willkomm, President and Chief Executive Officer of Scottish Re Group Limited. ?Unfortunately, a greater than expected number of large claims in North America caused us to miss our earnings expectations for the quarter.

?However, it is important to put this in context and recall that we are in the business of accepting risk,? he added. ?While we take a long-term outlook when developing our expected returns, yet fluctuations in mortality can lead to short-term earnings volatility in any reporting period.

?If there wasn?t any volatility, ceding companies would be less interested in reinsuring their business. Our job is to minimise that volatility to acceptable levels over the long term.?

?We minimise volatility by limiting our per-life exposures and maintaining very robust retrocession programs. Furthermore, we purchase special retro coverage to minimise the potential volatility that can arise from per-life retentions that are greater than our own,? he said. ?Finally, we purchase catastrophe and clash coverage to protect ourselves from events beyond our control.?

As of June 30, 2005, the company had approximately $1.1 trillion of gross life reinsurance in force covering 13.9 million lives with an average benefit per life of $74,000 in our North American operations.

As of June 30, 2004, it had approximately $298 billion of life reinsurance in force covering 7.4 million lives with an average benefit per life of $40,000 in our North American operations.:

? Net income: $1.6 million, a 93 percent decline from $28.7 million in the second quarter last year

? Net income broken down per share: $0.03 per share compared to $0.77 per share a year ago

? Operating income*: $19.7 million, an eight percent gain from $18.1 million in the same quarter a year ago

? Shareholders? equity increased to $1.08 billion from $862.7 million at the end of last year. a Bermuda reinsurance company, said profit in the second quarter increased by 36.5 percent to $68 million as the company saw a rise in policy earnings and investment returns.

Platinum, which sells property, marine, casualty and finite risk reinsurance policies, said quarterly profit compared to $49.8 million during the same period a year ago. Quarterly net income per share was $1.39, beating analyst estimates which had averaged $1.05 per share.

Earnings from policy sales were $431.5 million in the second quarter, a 38 percent increase from the $310.9 million in policy earnings that Platinum recorded in the same period a year ago.:

? Net income: Platinum?s quarterly profit rose 36.5 percent to $68 million, or $1.39 a share*, from $49.8 million, or $1.01 a share*, during the year-ago period.

? Net premiums written: The company sold $423 million in policies during the quarter, a 28 percent rise from the $330 million in policies sold during the second quarter 2004.

? Net investment income: $28.9 million in the second quarter, a 49.2 percent increase from Platinum?s $19.4 million in investment income during the prior-year period.84.2 percent in the second quarter compared to 85.9 percent in the year-ago period.$1.27 billion at the end of the second quarter compared to $1.13 billion at the end of 2004. said second quarter profit rose nearly four percent to $83.8 million, as sales for the global provider of property and casualty reinsurance and property and liability insurance remained strong, and investment income shot up.

Chief executive Chris O?Kane said, in a company statement last Wednesday, that the company?s four main business areas all did well in the quarter, and Aspen?s recent expansion into selling marine and aviation insurance was also paying off. He predicted favourable market conditions would lead Aspen to post strong results for the year, even with insurance and reinsurance rates declining.

Quarterly earnings from policy sales was $395 million, a 20 percent rise from the $327 million in policy earnings during the second quarter 2004.

Aspen?s net income per share was $1.16, beating the $1.02 a share earnings estimate from five analysts polled by Reuters.:

? Net income: $83.8 million in the second quarter, or $1.16* a share, compared to $80.9 million, or $1.13* a share, in the same period of 2004.

? Operating income: Pretax operating income was $112.2 million, a moderate increase from the $111.1 million recorded during the second quarter, 2004.

? Net investment income: $27.1 million in the second quarter, an increase of nearly 82 percent from the $14.9 million in investment returns during the same period a year ago.

? Gross premiums written: Aspen sold $549.4 million in gross policies, a 44 percent increase from $380.4 million in gross policy sales a year ago.

? Net premiums written: Net policy sales were $486.6 million, a 33 percent increase from the $363.6 million in policies Aspen sold during the second quarter a year ago.

? Combined ratio:77 percent during the second quarter.

? Shareholders? equity: $1.6 billion at the end of the second quarter compared to $1.48 billion at the of 2004.

@EDITRULE:

*EPS data is on a diluted basis

**The combined ratio is a measure of underwriting profitability calculated by adding the loss and loss expense ratio together with a company?s expense ratio. The lower the number (under 100 percent), the more profitable the company?s sale of insurance and/or reinsurance policies was during the period.