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...

The scheme administrators of Anglo American Insurance Company have announced that the Scheme Payment Percentage to the firm’s creditors will be increased to 100 percent. As a result of this decision $75mn will be paid to creditors raising total...

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.

A two year extension to the Terrorism Risk Insurance Act (TRIA) moved a step closer on Saturday (17 December) after Congress approved legislation, leaving President George Bush to sign the bill into law.

Lloyd’s broker RFIB Group Ltd has set up a representative office in Moscow as part of its continued expansion in Russia. The (re)insurace specialist has been operating in the Russian Market since 1990.

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.

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.