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November 2005/2

  • Shares in Royal & Sun Alliance (R&SA) rose today after the firm received a welcome boost from analysts ahead of its third quarter results later this week. A note from Numis upgraded the outlook on R&SA shares from ‘HOLD’ to ‘ADD’ and increased its...
  • UK insurer Brit Insurance Holdings plc has reiterated its determination to pay a full dividend this year despite now estimating a £182.5mn bill from hurricanes Katrina, Rita and Wilma.
  • Quanta Capital Holdings – a Bermudian headquartered (re)insurer established in 2003 – is believed to have lost two senior executives to the post-Katrina start-ups that are being formed on the island.
  • Industry veteran Don Kramer has again chosen Shakespearian inspiration for the name of his $750mn+ Bermudian start-up reinsurer.
  • Berkshire Hathaway announced its third quarter net earnings were $586mn, or $381 a share, down 48.5 percent from the $1.14bn, or $739 a share, for the same period in 2004.
  • Omega Underwriting Holdings plc is the latest Lloyd's insurer to unveil a rights issue and plans to form a Bermudian platform to access short-tail catastrophe business following the trio of hurricanes that raged this autumn.
  • Hurricane hit Bermudian reinsurer PXRE Group has bought $300mnn of reinsurance protection via a catastrophe bond following the third quarter storms.
  • American International Group (AIG) is to restate its financials for the second time this year after finding an additional £500mn of income through accounting errors.
  • Willis has announced a second offering for the sale of 6.1 million shares currently held by Kohlberg Kravis Roberts (KKR) and Fisher Capital.
  • Talanx is reported to have trumped the aggressive US buy-out firm Cerberus Capital Management for the prize of fellow German insurer Gerling Group.
  • Lloyd's insurer Hiscox plc has announced a £170mn rights issue and the formation of a $500mn capitalised Bermudian (re)insurer to exploit the post-storms rating environment.
  • The online reinsurance trading company RI3K is threatening to throw down a gauntlet to Lloyd’s faltering electronic hub Kinnect, Insider Week’s sister publication The Insurance Insider reveals this month.