November 2005/2

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.

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.

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

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

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.

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

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

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.

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.