November 2005/4

Bermudian (re)insurer XL Capital revealed late last night (23 November) that it is set to lose out in a dispute with Credit Suisse over its acquisition of certain Winterthur International insurance operations that could hit fourth quarter results to the t

Shares in Lloyd’s insurer Wellington Underwriting plc have fallen more than 6 percent in trading today after the company suddenly increased its Katrina loss estimates by a further $100mn. By mid-afternoon, Wellington’s shares were trading down over...

Lord Levene used his ‘Chairman’s View’ lecture to the Insurance Institute of London speech at Lloyd’s today to warn the industry against apathy in the face of the looming contract certainty d-day. Levene said: “Contract Certainty is a good thing, we...

The fast-expanding broking group Integro Ltd has established a London market foothold with the acquisition of Lloyd’s broker Humphreys Haggas Sutton & Co.

Embattled (re)insurance group Alea Group Holdings has sold the renewal rights of its US primary programme business written by its Alea Alternative Risk (AAR) subsidiary to New York based AmTrust Group in a deal likely to be worth between $20mn-$40mn.

Bermudian headquartered Quanta Capital Holdings has parted company with its founding chief executive Tobey Russ.

Defunct insurer GoshawK Insurance Holdings plc has parachuted in a new management team and floated the possibility of a $15-20mn fund raising as it plans an orderly run-off. Michael Dawson – the former chief executive of Cox Insurance – has become...

Bermudian (re)insurer AXIS Capital revealed today (21 November) further cash raising initiatives with the sale of £250mn in preference shares, less than a week after it announced the sale of 6.8 million common shares in a block trade and taking its...

US politicians brought some relief to the (re)insurance industry on Friday (18 November) with the news that the US Senate had approved a bill to extend the Terrorism Risk Insurance Act (TRIA) for a further two years until the end of 2007.

Lloyd’s insurer Amlin plc revealed it expects a $52mn bill from Hurricane Wilma but cheered shareholders with an increased profit forecast on its 2003 trading year. In a trading statement to the London Stock Exchange this morning (21 November), the...

If Swiss Re successfully completes its acquisition of GE’s (re)insurance operations next year, it seems likely it will come at a price, after the four leading rating agencies announced they may downgrade the reinsurance giant.

Omni Whittington is set to demerge its insurance and debt divisions enabling its insurance operations to grow internationally. A holding company, Whittington Group Pte, has been set up in Singapore with net assets of $80mn. The majority of the new...