November 2005/1

Lloyd’s based broker Fabien Risk Services Ltd has gone into liquidation with debts of over £700,000 and questions over the behaviour of some of its former directors. The company, which was formed in 2001 and...

A bullish stance on the insurance broking sector by analysts at Numis Securities fuelled a price hike in the shares of brokers Benfield and JLT last month. In the research note, released on 10 October, Numis analysts...

After downgrade and developing hurricane losses, investors await strategic plan... Post-9/11 start-up Montpelier Re has pleaded for patience from investors as it formulates a strategic plan to recover from heavily deteriorating hurricane losses that...

Despite successful fundraising efforts to repair balance sheets battered by spiralling hurricane losses, a slew of rating downgrades has begun, with AM Best leading the way. The agency’s response appears to be toughest on those bearing the biggest...

AM Best downgrade for once revered reinsurer... Rating agency AM Best downgraded the insurer financial strength ratings of troubled Bermudian RenaissanceRe from A+ to A just two days after the reinsurer revealed CEO and chairman James Stanard had...

Like their Bermudian based counter-parts, Lloyd’s quoted insurers are rushing to raise funds from the capital markets to take advantage of the expected uplift in rates that has followed the estimated $60bn-$80bn of storm losses this hurricane season.

Ousted AIG legend in legal tit-for-tat over rights to $20bn stake in former employer... On the 17 October former American International Group (AIG) chief executive, Maurice “Hank” Greenberg launched the latest round in an increasingly acrimonious...

Lloyd’s insurer SVB has sold its SME property focused underwriting agency to the fast-expanding insurance consolidator Towergate Partnership in a deal worth up to £25mn. After several months of talks, Towergate and SVB agreed terms for the transfer...

Last month, Lloyd’s chief executive Nick Prettejohn confirmed that he was to end his ten year association with the Corporation and join Prudential plc at the beginning of next year. It was widely regarded as a successful reign, and Prettejohn can...

Crisis-struck (re)insurer breaches banking covenants; details emerge on FSA action... Shares in UK quoted GoshawK collapsed almost 40 percent on 4 November to 5.75p as the company revealed it is no longer able to get access to funds in its Bermudian...

Lloyd’s capacity for 2006 looks set to come close to its record £15bn capacity level in 2004 as a host of the market’s syndicates plan to increase their business in the wake of hurricanes Katrina, Rita and Wilma. Only a few months ago, most...

Allstate cuts Gulf Coast homeowners’ exposure America’s second largest personal line insurer Allstate has said it will reduce coverage of homeowners’ risks in the Gulf Coast region after being hit by a $1.55bn loss in the third quarter as a result of..