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January 2006/3

  • US insurer Markel weathered a record hurricane season to report full-year profits just 10.5 percent down for 2005 from $165.5mn in 2004 to $148mn.
  • As exclusively revealed by our sister publication The Insurance Insider on Friday (13 January), Lloyd’s has unveiled its vision for the marketplace, which may see differential charging for the Central Fund and a number of other significant reforms...
  • 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. Fortress Re collapsed after the 11 September...
  • Bermudian (re)insurer XL Capital announced 4 January 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...
  • 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. Strachan said: “The FSA is absolutely committed...
  • 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. Speaking at Lloyd’s on 11 January as part of a series of lectures...
  • Lloyd’s insurer Beazley received a welcome boost from analysts Numis Securities after it failed to gain investor backing for a new syndicate last month. Numis has upgraded its rating on Beazley shares from ADD to BUY and increased its price target...
  • 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...
  • Liberty Syndicates is backing a new consortium providing $250mn of capacity to the satellite market in a venture supported by QinetiQ, the former UK Ministry of Defence laboratory which is set to be floated next month.
  • Allied World Assurance Company’s (AWAC) move towards independence has cost it a ratings downgrade amid rumours that it is set to become the last of the so-called “Class of 2001” to go public with an IPO. Rating agency AM Best said it had decided to...
  • Six of the "Class of 2005" receive AM Best rating just in time for 1/1 entry. As predicted in the December issue of The Insurance Insider, rating agency AM Best rubber stamped a number of Bermuda’s so-called “Class of 2005” reinsurers, dishing out...
  • Montpelier Re, PXRE and Quanta action rewarded with AM Best affirmations. While the “Class of 2005” sought ratings and finalised plans to start underwriting in time for 1/1 renewals, three of Bermuda’s existing players hardest hit by the devastating...
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