December 2005/4

Lloyd’s insurer Chaucer Syndicates Limited announced on 15 December 2005 the appointment of two new directors, and an active underwriter. The agency’s third party syndicate management activities will now be led by Janet Helson, who joined Chaucer...

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...

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.

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).

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...

“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 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.

AM Best has answered back at concerns raised over its rating of the wave of start-ups descending on Bermuda, highlighting its tough approach to testing the financial viability of companies, and expressing satisfaction with the infrastructures in place.