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...

American International Group (AIG) reported a 36.1 percent drop in income when it announced its restated third quarter results on 14 November. Net income was down to $1.71bn, or $0.65 per diluted share, during the quarter from $2.68bn, or $1.02 per...

Reinsurance giant Munich Re has bought EUR110mn of reinsurance protection for Western European windstorms with the private placement of catastrophe bonds called Aiolos. Based on a wind-speed trigger and with a term from 18 November 2005...

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.

The burden from this year’s US storms will push quoted Lloyd’s insurer Wellington Underwriting plc into an underwriting loss for the year, the company revealed last week. According to the insurer – which underwrites through Lloyd’s Syndicate 2020...

The Association of Run-Off Companies (ARC) will hold their 7th Annual Congress themed “Whose market is it anyway?” on 7-8 March 2006. The conference will be held in London and aims to bring together professionals from all fields that are involved in...

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...

Gross premiums fell by 15 percent in the London market during 2004, reversing five years of rises. A report into insurance by International Financial Services London recorded gross premiums of £21.7bn for last year with Lloyd’s producing 54 percent...

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...

HCC Insurance Holdings became the latest insurer to raise capital in the post-storms environment when it announced last week that it had agreed to sell 4,687,500 of common stock shares to Citigroup. The Houston headquartered insurance group also...

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...

The Lloyd’s deputy chairman has called on UK regulator the Financial Services Authority to strike fear into the London insurance market by outlining what it will do if the industry fails to drive through contract certainty next year.

Bermudian start-up Flagstone Re will be headed up by former Centre Re CEO David Brown, who will be chief executive of the new operation. According to reports, the company – launched by Bermuda-based hedge fund manager West End Capital Management...