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)...

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.

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.

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...

UK listed broker Jardine Lloyd Thompson Group plc (JLT) has ended its year-long search for a new group chief executive with the internal appointment of chief operating officer Dominic Burke to the position.

AIG restates again after $500mn discovery ; Quanta woes continue ; Hannover profits blown out by storms ; French riots cost AXA EUR50mn ; Ex-HIH finance chief faces criminal charges ; Loss record broken, says ISO ; Segal sentenced to ten years et al...

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...

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.

Broking giant Aon has announced that it will be exploring alternatives for its property and casualty underwriting business as it continues to restructure.

The last month has seen (re)insurers’ storm losses continue to grow with the reporting of Hurricane Wilma exposures along with increased estimates for Hurricanes Katrina and Rita. When Lloyd’s updated its losses from the year’s destructive...

Creditors of KWELM are set to receive payments of $770mn this month, as the average payout from the run-offs rises to 88.7 percent.

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.

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...

One of the largest, and most complicated, pool schemes of arrangements is in the offing after the manager of the London-based WFUM pools has written to policyholders to give them early notice of plans to propose a unified series of schemes...