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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.
  • 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.
  • 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.
  • Swiss reinsurer Glacier Re announced on 21 December that it has raised $50mn in new capital.
  • The International Underwriting Association (IUA) is set to start 2006 by testing a new electronic claims system that aims to speed up the settlement of insurance and reinsurance claims in the London Market.
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