November 2005/2

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

The world's largest reinsurer Munich Re said it was on course to meet its 12 percent return target for 2005 after reporting a third quarter profit of EUR513mn.

RenaissanceRe CEO and chairman James Stanard quit last week over the ongoing investigations into the troubled reinsurer’s earnings restatement – a move which triggered a wave of negative rating agency actions.

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

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.

Three Lloyd’s insurers all expected to announce post-Katrina fund raising initiatives updated their third quarter storm loss estimates last week, in moves widely seen as “deck-clearing” exercises.

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.

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.