February 2006/5

The film finance trial between defunct insurer HIH and its broker JLT Risk Solutions came to an early conclusion last week. As predicted in this month’s The Insurance Insider the trial ended early after the withdrawal by of fraud allegations by HIH.

Fast expanding Hyperion Insurance Group reported a double boost today with the announcement of an almost doubling of profits followed by news of a £5.1mn capital placement in the insurance group. Hyperion reported full-year profits of £4.03mn for...

Bermudian Platinum Underwriters Holdings became the latest reinsurer to announce hurricane-affected losses in its fourth quarter and full-year results for 2005. Platinum reported net losses of $103.3mn, or $1.94 per basic common share, and a net loss..

Lloyd’s reinsurer Advent Capital (Holdings) plc has increased its Hurricane Wilma net loss estimates and is predicting a midpoint loss of 77.5 percent of capacity on its Syndicate 780’s 2005 underwriting year. The catastrophe reinsurance specialist...

Although 2005 was the costliest year ever for (re)insurers in terms of natural catastrophes and specifically hurricanes, reports from European giants Munich Re and Swiss Re have warned that the industry should brace itself for similar events in the...

US cedants will have to increase their capital requirements if Europe’s reinsurance industry gets its way and has the controversial collateralisation requirements abolished. The US’ reinsurance collateral system was again the subject of debate last...

Further downgrades and widening losses as woes mount for reinsurer. The future for PXRE looks bleak, as the troubled reinsurer saw its ratings sink further down the scale after reporting fourth quarter 2005 net losses of $447mn on the back of...

Specialist insurance lawyer Nigel Montgomery is leaving DLA Piper Rudnick to head up a new team at US law firm Sidley Austin’s London office. Montgomery has a background in insurance restructuring, focusing on schemes of arrangement and business...

Employment Practices Liability (EPL) will soon become essential for employers as the rising tide of discrimination laws and compensation awards make employment law the next big area for legal claims. That was the message from Cath Thorpe...

The legacy of the infamous workers’ compensation carve-out saga of the late nineties came back to haunt US healthcare insurer Cigna Corp last week after an adverse ruling from a London arbitration panel rule.

US insurer HCC Insurance Holdings is set to acquire a 23.6 percent holding in Lloyd’s managing agent Heritage Underwriting. HCC – which acquired the Lloyd’s insurer Illium Insurance last year - has reached agreement to buy the stake for an undisclosed.

Start-up Ariel Re has continued to build its management team by recruiting from its rivals. In recent weeks the $1bn capitalised reinsurer has poached a number of senior executives, including the former ACE Asset Management Inc chief operating officer.