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April 2006/2

  • Troubled Bermudian PXRE announced yesterday (11 April) that it has requested the withdrawal of its financial strength and issuer credit ratings by the major agencies. The move is part of the reinsurer’s strategic evaluation process that has...
  • Omega Specialty Insurance Company Ltd (OSIL) has become the latest of the "Class of 2005" to be endorsed by AM Best, after the agency assigned it A- financial strength and credit ratings last Monday (3 April). OSIL was launched late last year by...
  • The G6 group of Lloyd's insurers announced last Wednesday that it has agreed new electronic processes with four major brokers using the internationally recognised ACORD data standards. The G6 or "gang of six" comprises an alliance between...
  • The scale of the damage caused to the Lloyd's Central Fund by the failure of GoshawK's Syndicate 102 is becoming apparent with the Society paying £76mn last year to cover claims arising from the defunct insurer.
  • As the hurricane season raged last year, Lloyd's proudly revealed that it had made a £1.38bn profit in the first half of 2005. The impact of hurricanes Katrina, Rita and Wilma (KRW) was unlikely to see the performance sustained, but the Society's...
  • Castlepoint Holdings Ltd is the latest reinsurer to be formed in Bermuda after US investment bank Friedman, Billings Ramsey & Co Inc raised $265mn via a private placement for the start-up operation.
  • Reinsurance broker Carvill has published details of a new index to measure hurricane damage, the Hurricane Damage Potential Index (HDPI). Carvill says that the HPDI will give a more accurate measure of a hurricane's potential to cause damage than...
  • Lloyd's broker Howden has appointed its co-founder Mark Pangborn to the position of deputy chairman. Pangborn set up Howden in 1994 and, together with the broker's CEO Tim Coles, led the formation of Howden Risk Partners in 2002, which specialises...
  • Underwriting has become key to insurers profitability in the current low-yield financial environment, according to Swiss Re’s latest Sigma report. The report found that the non-life insurance industry posted sound underwriting profits in 2004. Over...
  • Ratings agency Standard & Poor's (S&P) announced on 5 April that it has revised its outlook on the reinsurance sector from negative to stable. S&P placed the reinsurance industry on negative outlook on 28 September last year in the aftermath of...
  • UK-listed broker Jardine Lloyd Thompson Group plc (JLT) revealed on 5 April that Dominic Collins, executive chairman of its JLT Risk Solutions division, has resigned after more than 20 years with the company. The move follows plans for a restructure...
  • Shares in run-off (re)insurance group Alea Group Holdings rose last week after the company announced better than expected full-year results. The group posted a post-tax loss of $178.9mn for the year, however this was significantly better than the...
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