June 2004/2

A new property treaty reinsurance underwriting team has been formed at Lloyd’s insurer Wellington Underwriting, headed by former Beazley catastrophe, risk & aggregate excess of loss underwriter Will Curran.

Lloyd’s specialist insurer Hardy has announced the appointment of George Doughty as underwriter for political risks, a class of business it has not provided until now.

Last week’s Momart warehouse fire could cost fine art insurers more than £20-30mn in claims, Insider Week can reveal.

Canadian (re)insurance group Fairfax Financial Holdings announced last Thursday (27 May) that it has negotiated an increase in a revolving letter of credit facility from $300mn to $450mn for its reinsurance subsidiary nSpire Re.

Moody’s announced last week that it had downgraded giant reinsurer Swiss Re’s insurer financial strength and senior debt ratings from Aa1 to Aa2 and its subordinated debt rating to A1 over concerns of the sector’s earnings prospects and Swiss Re’s ability