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December 2005/2

  • US politicians brought some relief to the (re)insurance industry on 18 November with the news that the US Senate had approved a bill to extend the Terrorism Risk Insurance Act (TRIA) for a further two years until the end of 2007.
  • Reinsurance specialist broker, JK Buckenham Ltd (JKB) has announced the creation of JKB USA, which has been formed in partnership with US broker Performance Insurance Services.
  • Chances of 2005 profit slim, as 2006 capacity up 7% to £14.7bn Losses to the Lloyd’s market from the trio of devastating hurricanes this year will top $5bn, according to latest estimates revealed on 30 November.
  • Lloyd’s to pioneer Islamic (re)insurance ; Beazley forms new £200mn Syndicate ; Alea winds down London arm ; Brit commits to dividend and raises £150mn in debt issue ; Lloyd’s and Willis get Chinese approval ; Agnew Higgins wins International et al...
  • Lloyd’s heavyweights chose November to hint at a three-year plan which the Society will look to implement from next year. In a lecture, Chairman Lord Levene talked of the tasks ahead and said: “Nick [Prettejohn, Lloyd’s retiring CEO] and his team...
  • There were further developments at failed (re)insurer GoshawK last month as the London Stock Exchange-listed company continued to restructure to run-off, with a number of management changes, the announcement of a possible rights issue...
  • The 23rd of November saw a gala night of charity white collar boxing as The Insurance Insider, hosted “A Hard Market?” on behalf of the London insurance industry.
  • If Swiss Re successfully completes its acquisition of GE’s (re)insurance operations next year, it seems likely it will come at a price, after the four leading rating agencies announced they may downgrade the reinsurance giant.
  • Swiss Re’s incoming CEO Jacques Aigrain highlighted the “remarkable fit” between his company and the (re)insurance operations of GE as the companies announced the deal last month.
  • If its proposed acquisition of GE Insurance Solutions concludes without a hitch next summer, Swiss Re will be able to proclaim itself as the biggest reinsurer on the planet, leapfrogging its rival, Munich Re.
  • UK insurer Royal & Sun Alliance (R&SA) is facing damaging losses of up to $300mn net as a result of Mexican hurricane losses, The Insurance Insider understands. Hurricane Wilma slammed into the coast near Cancun in mid-October causing devastation to...
  • Despite the perception that hedge funds currently possess an unalloyed enthusiasm for all things reinsurance, the sponsors of the new sidecar arrangements are not being overwhelmed with interest from the cash-rich funds. These so-called sidecars are...
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