August 2005/6
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German reinsurer Hannover Re became the latest company to release its estimates of losses from Hurricane Katrina today, warning that it was expecting a “loss burden” of €250mn before tax.
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Supporters of UK solvent schemes of arrangement were encouraged by a Scottish Court’s decision to sanction the M&G Re scheme yesterday.
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Shares in London-listed reinsurer Alea Group slipped further today after Standard & Poor’s (S&P) warned it may downgrade the reinsurer following its disappointing interim results earlier this week.
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Hannover Re has warned that the cost of Hurricane Katrina would mean the world's fourth-largest reinsurer is unlikely to meet its profit forecasts for 2005.
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UK listed insurer Alea Group Holdings has suffered a steep decline in its share price after revealing a 47 percent slump in first half 2005 pre-tax profits today (31 August).
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Bermuda-based (re)insurer White Mountains Insurance Group Ltd revealed last week that the Massachusetts attorney general is investigating one of its units.
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In a surprise move, reinsurance giant Swiss Re announced last week that Jacques Aigrain will succeed John Coomber as its chief executive.
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Hurricane Katrina is still expected to be the most costly in US history with forecasts of up to $26bn in claims after the storm devastated Louisiana and halted offshore oil and gas production.
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Extreme weather conditions hit Europe last week with insured claims for flood damage in Switzerland alone estimated at $395mn by Swiss Re.
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Last week’s Peruvian air crash will cost insurers £3mn but the repercussions of the five air crashes this month are multiplying.
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Lloyd’s insurer Kiln forecasts for the years 2003 and 2004 were released on 24 August and contained no real surprises.
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When Lloyd’s insurer Beazley Group plc reports its 2005 half results on 7 September, they are likely to be higher than expected at over £35mn because of the impact of accounting changes, the company explained last week.
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