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January 2006/1

  • Lloyd’s insurer Beazley announced on 23 December it has scrapped plans to form a new short-tail property reinsurance syndicate after failing to get the required support from investors for the initiative.
  • A record year for CAT bond issuance was rounded off on 22 December when Montpelier Re announced two bond transactions worth $90mn in cover with Cayman-based Champlain Limited.
  • Ratings agency AM Best affirmed the crucial A- financial strength ratings of Bermudian (re)insurers Quanta and PXRE in time for the renewal season. Ratings for both companies remain on negative outlook.
  • Failed (re)insurer GoshawK has today (3 January) announced increased provisions at its Bermudian subsidiary Rosemont Re for losses arising from last autumn’s hurricanes and prior-year legacy issues.
  • Bermudian reinsurer Montpelier Re confirmed yesterday (2 January) the capitalisation of $300mn start-up Blue Ocean Reinsurance Ltd to write retrocessional business on its behalf.
  • Reinsurance giant Swiss Re last week (28 December) announced that it had completed a second deal securitising future profits from a portfolio of US insurance policies bought up by its Admin Re division.
  • US insurer HCC Insurance Holdings has completed the acquisition of the 80 percent outstanding shares in Illium Insurance Group, the parent company of Lloyd’s managing agency Illium, which manages liability and motor Syndicate 4040.
  • UK listed broker Jardine Lloyd Thompson Group plc saw its reinsurance arm commence trading as a separate entity under the name JLT Re on 1 January.
  • A report by Guy Carpenter has put the total insured loss from last year’s flooding in central and eastern Europe at EUR1.25bn.
  • Giant reinsurer Munich Re has predicted that it will hit its results target for 2005 despite it being the most expensive year ever for natural disasters.
  • Analysts from US market information firm Advisen have estimated worldwide insurance and reinsurance losses from the trio of major hurricanes hitting the US last autumn will hit $57.6bn, based on reported property and business interruption losses and...
  • Amlin Bermuda has received ratings from Standard & Poor’s (S&P) and Moody’s, becoming the first “Class of 2005” reinsurer to be rated by the agencies.
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