They might fret about premium rates, but major broking organisations stand to do even better than the small fry when it comes to making money out of the hard market. Marsh & McLennan, parent company of Marsh, has reported a 19% rise on profit for the September quarter. And Willis says its quarterly profit has trebled.

Marsh & McLennan says it made $507 million in the quarter, compared with $424 million in the June quarter.     

Willis says it made $140.5 million in the September quarter, up from $44 million. That’s $2.13 billion so far this year, 20% up on last year.

The insurers will report over the next week, and the results of giant insurer AIG show they will be every bit as promising as the insurers’. AIG’s earnings during the quarter were up 27% to $3.4 billion. Chairman and CEO Maurice Greenberg says he is confident the rates will remain firm for the rest of 2003 “and well into next year”.