February 2006/5

Lloyd’s listed insurer Wellington Underwriting plc revealed Friday (24 February) that its underwriting agency will make a cash call to capital providers on its Syndicate 2020 of $190mn as a result of last year’s hurricanes.

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...

Results at UK insurer Royal & Sun Alliance will be analysed closely for worsening exposures to Hurricane Wilma, which tore through the US Gulf and Mexico last October. The insurer – which has seen its share price climb leap more than 50 percent to...

Lancashire Re became the second Bermudian start-up to reveal its 2006 trading performance when it estimated writing $165mn in gross premiums by 1 March. “We feel we have got off to a very good start. What we’re seeing is a very patchy market, but we...

Munich Re chief executive Nikolaus von Bomhard has said the industry will not end the problems over its reputation while brokers and carriers continue to own significant stakes in each other. Dr von Bomhard said brokers could not say they were...

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.

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...

The brokers working to achieve peer-to-peer initiatives with the “gang of six” Lloyd’s underwriters have been revealed as Aon, Benfield, Willis and Marsh. The “gang of six”, or G6, is the breakaway group of powerful insurers which has combined with...

At a time when Willis Corp is building a grand edifice opposite the Lloyd’s building as its new global headquarters, Aon Ltd has revealed that it is considering deserting the City and relocating to the burgeoning Docklands.

The UK arm of broking giant Aon has revealed plans to leave the City for Docklands, with talks ongoing for a new London office at Canary Wharf. The firm – which employs 2000 people in the UK - said it was in exclusive negotiations with Canary Wharf...

UK-listed broker Jardine Lloyd Thompson Group plc (JLT) is to undergo a radical restructure that will merge its UK Corporate Risks and JLT Risk Solutions, Insider Week can reveal. Following the merger – due to complete by the third quarter 2006...