February 2006/1

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.