November 2005/2

UK insurer R&SA has settled with Wilmington Trust, one of the three plaintiffs in the ongoing Student Finance Corporation litigation.

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.

The long-running energy line-slip dispute Aon 77 returns to court today (7 November) with the reinsurers appealing Mr Justice Morison’s decision last year which absolved broker Aon of any suggestions of non-disclosure or misrepresentation and allowed the

Shares in UK quoted GoshawK collapsed more than 40 percent last week to close at 5p as the company explained it is no longer able to get access to funds in its Bermudian reinsurance arm Rosemont Re – which became the first industry casualty of this year’s

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

French (re)insurer SCOR posted a third quarter profit aided by a moderate impact from natural catastrophes this year and healthy capital gains of EUR48mn.

Swiss reinsurer Converium will delay its third quarter results because it is restating its financial accounts after an internal review.

The run-off Lloyd’s insurer Euclidian is understood to have settled with aggrieved Names who purchased stop loss insurance from a mutual The Underwriting Members Mutual Club Limited (Integer) which it managed.

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.

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.

Reinsurer Swiss Re looks to be in good health with the group set to be a winner from the recent hurricane season.