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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).
  • 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 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.
  • US insurer HCC Insurance Holdings has reported record results for 2005 shrugging off $57.5mn hurricane reverse to record $195.9mn net earnings for the year. Net earnings were up 20 percent for the year and 18 percent up for the final quarter of 2005...
  • 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”.
  • 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...
  • Bermudian (re)insurer Max Re reported an $11.4mn or 20 cents a share, fourth quarter net loss and a full-year net profit of $6.7mn, or 13 cents a share for 2005, primarily as a result of a $129.7mn loss development on a prior-year contract.
  • XL Capital unveiled its largest ever full-year trading loss at $1.29bn following 2005’s devastating hurricane losses and the adverse Winterthur arbitration decision which cost the Bermudian giant a further $808.9mn.
  • 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...
  • 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...
  • Chicago-based broker Aon reported a 35 percent rise in net income of $737mn or $2.17 per share, for 2005. In the fourth quarter net income trebled from $81mn, or $0.24 per share, in 2004 to $224mn or $0.65 per share last year...