January 2006/1

A report by Guy Carpenter has put the total insured loss from last year’s flooding in central and eastern Europe at EUR1.25bn.

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.

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.

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.