December 2005/2

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...

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...

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.

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.

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.

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.

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...

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)...

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.

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...