November 2005/2

2005 is the worst year on record for energy lines of insurance, according to Aon, but the broker says the market is strong enough to cope.

Newly listed Lloyd’s insurer Omega Insurance Holdings is close to raising post-Katrina funds in a rights issue, Insider Week can reveal.

Lloyd’s have appointed the executive headhunter firms Russell Reynolds and Spencer Stuart to advise them on their search to replace the departing Nick Prettejohn.

SVB’s chief executive Matthew Fosh welcomed the sale of its UK property underwriting agency Fusion to industry consolidator Towergate Underwriting Ltd last week.

Former Lloyd’s underwriter Richard Brindle is to set up a new Bermudian (re)insurer to target the post hurricanes rating environment.

New Bermudian reinsurer New Castle Re has received its initial ratings, A- (Excellent) for financial strength and a- for issuer credit, from agency AM Best.

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.

Bermuda’s latest wave of (re)insurance start-ups is set to be the most prolific yet, with Insider Week estimating that up to $10bn in capital could be raised by new (re)insurers following this season’s hurricanes.

Hiscox plc is set to become the next Lloyd’s insurer to establish a Bermudian licensed (re)insurer, Insider Week can reveal.

Gallagher Re has swooped for former Guy Carpenter managing director John Pagliaccio to head up its Global Analytics team in the US.

It was a mixed bag as the big three global brokers announced their third-quarter results last week.

Stricken (re)insurer Alea Group Holdings more than doubled its hurricane Katrina loss estimates and warned shareholders that it is developing contingency plans for any businesses it cannot sell.