February 2006/1

“Class of 2005” alumni Validus revealed last week that it had written $220mn of gross written premiums in its maiden 1 January renewal season. The announcement would seem to contradict recent widespread comments that the new companies...

After five years of unprecedented catastrophe losses there are plenty of people ready to question the ability of the reinsurance industry to keep responding to the size and frequency of events it faces.

Brian Caudle’s Lloyd’s (re)insurer Advent Group gave an upbeat assessment of trading conditions last week following the heavy storm losses in 2004-2005. According to Advent, the group has experienced rate rises of up to 100 percent in its...

Everest Re became the first of the Bermudians to roll out fourth quarter results, revealing on 30 January a $185.8mn, or $3.01 a share after-tax operating loss – a dramatic reversal of the $94.7mn, or $1.66 a share operating profit recorded in...

US insurance giant St Paul reported last Thursday (2 February) that its fourth quarter results for last year had plummeted 41 percent as the insurer was hit by reserve charges for asbestos and increasing hurricane costs.

Lloyd’s confirmed last week that it will pursue legal action against Benfield and Aon, the two brokers who placed the £500mn Central Fund insurance contract which failed to engage following an arbitration decision last year.

Christian Milton, the former head of reinsurance buying at insurance giant American International Group (AIG), and three former senior General Re executives, were indicted by a federal grand jury last week.

UK insurer Brit saw its shares power ahead to around 96p on the London Stock Exchange last week after revealing that it now expects to make a pre-tax profit of £60mn for 2005.

The defunct Australian insurer HIH Casualty & General is alleging fraud against its broker JLT Risk Solutions over controversial film finance losses written in 1997. The case is being heard by the Honourable Mr Justice Langley...

As rumours grow of an imminent $1.5bn regulatory settlement, American International Group and its estranged relations, the Starr Entities, are back in Court today (6 February) following Judge Herman Cahn’s decision to place a temporary...

Hannover Re announced last week (3 February) the completion of a $370mn catastrophe bond deal which it says will provide the reinsurance giant with extra capacity for underwriting catastrophe risks.

American International Group (AIG) has won a decisive battle to keep its London-based aviation insurance team as the dispute with its former chief executive Hank Greenberg’s Starr entities becomes increasingly bitter, Insider Week understands.