January 2006/2

Bermudian reinsurer Everest Re announced yesterday (12 January) that it is raising pre-tax loss estimates from last year’s trio of hurricanes by $200mn to $1.2bn, net of reinstatements.

Reinsurance broker Benfield Group predicted better than expected revenues for 2006 on the back of rising reinsurance rates in 2006 and 2007. In a 12 January trading statement, the broker said that it now expected 2006 turnover to grow by 20 percent...

Charles Philipps has warned that Lloyd’s must preserve its security rating, or face disastrous consequences that would spell the end of the market in its current form.

An end to contract uncertainty has been demanded by the director of the Financial Services Authority’s (FSA) retail firms division David Strachan, as he reserved the right to intervene in the market.

Deloitte & Touche, the audit firm embroiled in the controversial collapse of aviation reinsurer Fortress Re, has paid out around $100mn to Japanese insurer Sompo as part of a litigation settlement.

Bermudian reinsurer Montpelier Re has raised $100mn through a private sale of trust preferred securities boosting its total capital to over $1.4bn.

A lawsuit has been filed on behalf of homeowners covered by an “all risk” policy with State Farm Fire and Casualty on 4 January as the fallout from Hurricane Katrina continues.

Hurricane hit Lloyd's (re)insurer Advent confirmed on Friday (6 January) the completion of its £30mn share issue and the appointment of a new non-executive director following approval by shareholders at an extraordinary general meeting.

The Mutual Reinsurance Bureau (MRB) pool took its membership to five when the Country Mutual Insurance Company and Kentucky Farm Bureau Mutual were admitted at the beginning of this year.

US broker Hub International has sold San Francisco-based Talbot Financial to a group that includes four members of Talbot’s management team. Talbot, which offers a range of financial services to banks and financial institutions, was classified as...

Bermudian reinsurer PXRE announced on 22 December that Robert P Myron has been promoted executive vice president, chief financial officer and treasurer of the group, replacing John Modin. Modin has chosen to pursue other opportunities, with his...

Rating agency AM Best has affirmed Quanta Europe's financial strength rating of A- (Excellent) and removed the ratings from under review in the wake of affirming the ratings of its Bermudian parent's main operating arm, Quanta Reinsurance Ltd.