December 2005/3

“Class of 2005” start-up Ariel Re announced Saturday (17 December) that it has begun underwriting following the completion of $1bn fundraising by parent company Ariel Holdings and receipt of an A- financial strength rating from AM Best.

Harbor Point Limited has become the latest of the “Class of 2005” to receive an AM Best rating, after the agency announced today (16 December) it has awarded an A (Excellent) financial strength rating and “a” credit rating to the start-up.

Some of Bermuda’s “Class of 2005” (re)insurance start-ups moved closer to writing business this week as they received ratings from AM Best. Today (14 December) saw the launch of Validus Re, which will be headed by ex-American Re CEO Ed Noonan.

As predicted in The Insurance Insider and Insider Week, Bermudian start-up (re)insurer Lancashire Holdings Ltd floated this morning (13 December) on the London Stock Exchange’s Alternative Investment Market (AIM) raising over $1bn...

William Dewsall, the former managing director of Hogarth Underwriting, is set to be appointed CEO of planned construction and liability insurer Gable Insurance AG.

Zurich Financial Services (ZFS) has finally closed its London market arm Zurich Specialties London, while announcing a slew of senior appointments.

SCOR will acquire one of the last trading arms of the defunct Alea Group after announcing last Thursday (8 December) that it has agreed terms for the renewal rights of Alea Europe AG.

Barbados-headquartered (re)insurer Imagine Insurance is set to receive a $50mn cash injection from its parent company. Imagine Group Holdings will issue a ten-year $50mn subordinated note to an affiliate of its parent company Brookfield Asset...

Forecasters Tropical Storm Risk (TSR) have warned that 2006 will be yet another over-active hurricane season in the Atlantic with a higher number than average expected to make landfall in both the US and Caribbean.

Ratings agency AM Best has affirmed Montpelier Re Holdings Ltd’s financial strength rating of A- after a review of the company’s capitalisation plans. Montpelier was downgraded to A- from A in October after announcing losses from hurricanes Katrina...

UK broker Windsor plc revealed that profits were up for an eighth consecutive year – by 9 percent to £5.07mn for the year ended 30 September 2005.

In its half-year results announcement, Lloyd’s run-off vehicle Equitas said that despite success in securing settlements with a further seven direct asbestos assureds, similar deals on inwards reinsurance liabilities had been significantly slower than...