December 2005/4

Lloyd’s insurer Beazley today (23 December) announced it has scrapped plans to form a new short-tail property reinsurance syndicate after failing to get the required support from investors for the initiative.

Ratings agency AM Best has affirmed the crucial A- financial strength ratings of Bermudian (re)insurers Quanta and PXRE ahead of the coming renewal season. Ratings for both companies remain on negative outlook.

Troubled Bermudian (re)insurer Quanta announced last Thursday (15 December) the pricing of its public offering to raise $129mn in at attempt to hold on to its A- AM Best rating. The company is offering 11,423,340 common shares at $4.75 a share...

Maurice “Hank” Greenberg, the former American International Group chief executive, has hit back at Eliot Spitzer after the New York attorney general’s latest allegations that Greenberg cheated CV Starr’s charitable foundation in the 1970’s.

Lloyd’s listed insurer Amlin announced last Thursday (15 December) the appointment of Richard Davey as an independent non-executive director, with a role on the company’s Audit Committee. Before his retirement in 1999, Davey spent most of his...

Cayman Island-based start-up Greenlight Re has hired Platinum Underwriters’ president and chief operating officer, Barton Hedges. Hedges will become president and chief underwriting officer at Greenlight, after two years with the Bermudian firm.

Ascot CEO Martin Reith last week confirmed that the Lloyd’s insurer suffered a $208mn net loss from this year’s third-quarter hurricanes. And Reith had some harsh words for the direct market, describing the failure to restore pricing discipline...

Shares in Bermudian start-up (re)insurer Lancashire Holdings made an immediate impact on the London Stock Exchange's Alternative Investment Market (AIM), rising over 12 percent on the first day of conditional trading last Tuesday (13 December).

“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.

The Mexican insurance industry association AMIS expects insurers to cover losses of $1.75bn as a result of Hurricane Wilma hitting the country. So far payments and advances of $330mn, or 19 percent of that total, have been made to claimants.

Ratings agency Fitch has cast doubt over rival AM Best’s ratings of the ‘Class of 2005’ reinsurance start-ups and questioned the long-term viability of the new businesses. Fitch said: “While Fitch's rating methodology does not impose a ceiling...

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