February 2006/2

Bermudian reinsurer PXRE has lost its crucial A- (Excellent) financial strength rating following its downgrading to B++ (Very Good) by ratings agency AM Best today (17 February).

Lloyd’s insurer Omega Underwriting Holdings plc had its application to join the Bermuda insurance market approved late last month. Omega Specialty Insurance Company Ltd was granted a class three licence according to a 27 January bulletin from the...

World’s largest reinsurer Swiss Re confirmed last week that it has agreed to sell most of its stake in specialist financial services investment bank Fox-Pitt, Kelton (FPK) to its employees and a consortium led by hedge fund investor J.C. Flowers & Co.

The UK Court of Appeal sent a sigh of relief among London market insurers last week after over-turning last year’s controversial GoshawK vs Tyser decision which ruled brokers were not obliged to produce documents previously shown to underwriters.

SVB, the Lloyd’s based insurer wrestling with its legacy of US professional liability (re)insurance losses, revealed bold plans on the 10 February to form a new UK-based insurance company while finally dealing with its back-year losses.

Canadian combine Fairfax Financial Holdings announced heavy losses as a result of a hurricane-hit year of $497.9mn for 2005 and $318.1mn for the final quarter. The adverse affect of hurricanes Katrina, Rita and Wilma on Fairfax...

Analysts were divided in their reaction to the January renewal season advice that Hannover Re released last Tuesday (7 February) with a EUR11 difference in price targets set on its stock. The German reinsurer summed up this year’s renewal season...

Martin Sullivan, the chief executive of insurance giant American International Group (AIG) heralded last week’s $1.64bn regulatory settlement as “a major step forward in resolving the legal and regulatory issues facing AIG”.

Following the weeks of turmoil between American International Group (AIG) and the Hank Greenberg controlled Starr agencies, AIG has overhauled the management team of its aviation unit. Long-serving AIG executive David Hupp has replaced...

Only a month after Lloyd’s unveiled an ambitious three-year strategic plan, the Corporation has parted company with its head of business strategy as of last week. Since joining Lloyd’s in 2003, Stuart Degg led the development of Lloyd’s...

The former British conglomerate Hanson plc revealed today (13 February) that an asbestos-hit US subsidiary has reached a settlement with its liability insurers. According to the group, the settlement is effective from January 2006 and resolves...

A $313.9mn net negative impact from Hurricane Wilma hit Renaissance Re’s fourth quarter results with the Bermudian reinsurer reporting a $206.9mn operating loss. For the full year RenRe announced an operating loss of $274.5mn, down from an income...