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November 2005/4

  • 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...
  • 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
  • The fast-expanding broking group Integro Ltd has established a London market foothold with the acquisition of Lloyd’s broker Humphreys Haggas Sutton & Co.
  • Bermudian headquartered Quanta Capital Holdings has parted company with its founding chief executive Tobey Russ.
  • 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.
  • 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...
  • But bigger is not necessarily better as competitors look to move in… In a press conference last Friday (18 November), Swiss Re’s incoming CEO Jacques Aigrain highlighted the “remarkable fit” between his company and the (re)insurance operations of GE.
  • 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.
  • If its proposed acquisition of GE Insurance Solutions concludes without a hitch next summer, Swiss Re will be able to proclaim itself as the biggest reinsurer on the planet, leapfrogging its rival, Munich Re. Based on 2005 estimates, the combined...
  • Avian flu could cost insurers up to $200bn if the virus jumped from birds to humans sparking a global pandemic. A range of losses from $71.3bn to $200bn in insured losses is the worst-case scenario according to research from analysts...
  • Swiss insurer Zurich Financial Services (ZFS) reported a record operating performance for the first nine months of 2005 when it released its interim results on 17 November. Net income was up by 21 percent to $2.26bn for the period with earnings per...