November 2005/3

Ratings agency Fitch has joined rival AM Best in downgrading Bermudian reinsurers Montpelier Re and PXRE as a result of the recent US hurricanes. Montpelier Re’s financial strength rating was downgraded by two notches from A- to BBB on 3 November...

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. There was concern among some investors that Brit might reduce...

Omega Underwriting Holdings plc is the latest Lloyd’s insurer to both raise money through a placing and unveil plans to form a Bermudian platform following the trio of hurricanes that raged this autumn. As predicted by Insider Week last Monday...

Industry veteran Don Kramer has again chosen Shakespearian inspiration for the name of his $750mn+ Bermudian start-up reinsurer. Kramer - who formed the Bermudian catastrophe reinsurer Tempest Re in 1993 - is to call his new reinsurer, Ariel Re...

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. As first revealed by Insider Week last Monday, Hiscox will become the...

Capital raising would appear to have been the easy part for Bermuda’s Class of 2005, as the island’s newest entrants are confronted with the dual challenges of staffing and housing start-up operations. However, despite Bermuda’s incumbent players...