Early reports coming in from global insurers and brokers suggest that 2003 has been a great year for them all. Some examples:

• No 3 international broker Willis says its 2003 net income of $533.5 million is double its 2002 figure. Willis Chairman and CEO Joe Plumeri says the $152 million net income for the last quarter of 2003 “is the 16th consecutive quarter of record earnings”.

• Bermuda-based Ace Insurance reported a 2003 net income of $1.8 billion, a new record for the insurance and reinsurance group and well over the 2002 figure of $99.2 million. Ace Chairman and CEO Brian Duperrault says 2004 will be even better. “We view our prospects for further growth with continued optimism.”

• Chubb Corporation has recorded a $1.04 billion net income – a 262.9% increase over 2002. It would have been even better had the insurer not decided to take a conservative approach to asbestos claims, placing another $322 million into its asbestos claims reserves to bring them to more than $1.3 billion.