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.

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.

Although TRIA continues to provide a vital backstop against extreme losses, industry experts have warned that terrorism risk remains high and the burden on reinsurers continues to grow. Catastrophe modelling firm Risk Management Services (RMS) has...

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...

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 (re)insurer XL Capital last Wednesday (4 January) announced a senior management reshuffle, as it steps up its long-term succession strategy to replace CEO Brian O’Hara. As part of the restructuring, James Veghte has been appointed chief...

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...

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.

The increasing use of securitisation transactions by European life insurers for finance and risk transfer is set to keep on growing, according to a report by Standard & Poor's (S&P). The report predicts that deals in the class will continue to rise...