March 2006/5

Class of 2005 start-up Lancashire Holdings Ltd passed a potentially difficult test last week when rating agency AM Best affirmed its A- financial strength rating. The rating agency placed Lancashire’s ratings under review with negative implications...

The hi-tech cargo of the Hyundai Fortune, a ship that caught fire in the Gulf of Aden last week, has been estimated at upwards of $300mn by broker Aon. An explosion on 21 March ripped a hole in the side of the vessel, blew between 60-90 cargo...

Lloyd’s insurer SVB Group is close to launching a new FSA authorized insurance company and change its trading name to Novae as it makes a break from its troubled past, Insider Week understands. The UK quoted insurer – which has battled for five years..

Troubled Bermudian reinsurer PXRE Group Ltd has negotiated a deal with Lloyd’s for “early settlement” of claims outstanding to the market, but has denied the move is connected to its possible re-entry to the market, Insider Week can reveal.