December 2005/3

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.

Bermudian (re)insurer AXIS Capital last Thursday (8 December) announced a quarterly dividend of $0.15 a share, payable 17 January 2006.

Bermudian reinsurer Aspen Last Tuesday (6 December) increased its hurricane losses to a range of $470mn to $535mn (previous upper end of $400mn) and announced plans to raise $400mn in new capital.

Bermudian (re)insurer ACE announced last Tuesday (7 December) that it expects losses from Hurricane Wilma to reach around $250mn, after tax and reinsurance.

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.

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...

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.

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...

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...

Peter Hardy is to retire from his position of chairman at Hardy Underwriting – the company he founded in 1978. Hardy will be replaced by David Mann.

A panel of High Court judges has thrown out an appeal by reinsurers against Justice Morison’s 21 December 2004 judgement in favour of claimant reinsureds and defendant brokers on all points in the notorious Aon 77 dispute.