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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.
  • 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...
  • 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.
  • 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...
  • Brokers Marsh & McLennan has “restructured, refinanced and refocused its sales force” and is ready to grow again after suffering a rough year post-Spitzer, according to an analyst.
  • Much has happened to the (re)insurance industry in the aftermath of this year’s record-breaking hurricane season. One area where Katrina and her stormy siblings have made an impact is in the CAT bond market, with the launch of two new bonds and...
  • Despite being downgraded by AM Best days after losing founder Jim Stanard, RenaissanceRe is well placed for the opportunities ahead, and will keep hold of key staff, according to the company’s new CEO Neill Currie.
  • Analysts have reacted negatively to the Turner Report’s proposal for a National Pensions Plan (NPP), calling the scheme a “white elephant” and predicting a negative effect on life insurers.
  • But pressure mounts on O'Hara as arbitration defeat adds to woes for (re)insurer... Pressure is growing on senior management at Bermudian (re)insurer XL Capital after recent comments by equity analysts and rating agency Standard & Poor’s (S&P)...
  • Class of 2005 reinsurer looks to be the first start-up on AIM since PRI The Bermudian start-up reinsurer Lancashire Holdings Ltd is set to float on the London Stock Exchange’s Alternative Investment Market (AIM) in a bid to raise the final tier of...