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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...
  • 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.
  • The blaze ripping through a UK oil depot could cost insurers up to $900mn according to industry sources. The fire, at the Buncefield depot, 25 miles north of London, followed a series of blasts, which began early on Sunday (11 December)...
  • 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...
  • 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...
  • Liberty Syndicates announced last week that it is raising its capacity for 2006 to £912mn, up 27 percent from this year. The Lloyd’s (re)insurer intends to use the extra capacity to support increased underwriting across all five of its divisions...
  • 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.
  • 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...
  • 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.
  • The Association of Run-Off Companies (ARC) has welcomed the government’s decision to delay the implementation of VAT on outsourced insurance services.
  • London market IT service provider Intech was acquired this month by the expanding French company Sword Group.
  • Last month’s extensive rioting across France will cost insurers EUR200mn with AXA picking up a quarter share of the total cost.
  • Bermudian (re)insurer AXIS Capital last Thursday (8 December) announced a quarterly dividend of $0.15 a share, payable 17 January 2006.
  • Bermudian (re)insurer ACE announced last Tuesday (7 December) that it expects losses from Hurricane Wilma to reach around $250mn, after tax and reinsurance.
  • 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.
  • 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.
  • 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.
  • William Dewsall, the former managing director of Hogarth Underwriting, is set to be appointed CEO of planned construction and liability insurer Gable Insurance AG.
  • Class of 2005 reinsurer looks to be the first start-up on AIM since PRI As exclusively revealed in the December 2005 issue of our sister title The Insurance Insider, Bermudian start-up reinsurer Lancashire Holdings Ltd is set to float on the London...
  • Lloyd’s broker Contractsure has raided staff from Glencairn and Alexander Forbes as it aims to double its client base within the next 18 months.
  • Zurich Financial Services (ZFS) has finally closed its London market arm Zurich Specialties London, while announcing a slew of senior appointments.
  • XL Capital has appointed a new team to lead its XL Insurance Global Marine and Offshore Energy (M&OE) unit in London and New York.
  • UK insurer Brit today (12 December) announced the appointment of two new underwriters to its London market underwriting team.