November 2005/5

Lloyd’s listed insurer Chaucer published its latest quarterly syndicate forecasts for the 2003 and 2004 years of account last Friday (25 November) revealing improvement on 2003 alongside a 15 percent increase in its total underwriting interests...

Bermudian headquartered Quanta Capital Holdings has parted company with its founding chief executive Tobey Russ. In an announcement, the (re)insurer revealed that Russ has resigned as chief executive officer and director of the company.

AM Best joined its rivals in putting the ratings of Swiss Re under review with negative implications following the giant reinsurer’s move to buy up the reinsurance operations of US conglomerate General Electric. In an 18 November statement, the...

Maurice “Hank” Greenberg received a welcome Thanksgiving present last week when New York Attorney General Eliot Spitzer confirmed that he would not pursue criminal charges against the former American International Group chief executive.

Fast-expanding Lloyd’s insurer Omega last Thursday announced unchanged forecasts for the 2003 and 2004 years of account on its Syndicate 958, adding that it expects the widely loss-struck 2005 year to also yield a profit. The insurer predicts a 2003...

Capital providers have approached Lloyd’s insurer Beazley to manage a new Lloyd’s syndicate with up to £200mn of capacity. Beazley has written to the existing underwriting members of Syndicate 623 asking for approval and offering limited tenancies...

Run-off insurer GoshawK Insurance Holdings plc has parted company with non executive director Richard Titley today (28 November) – a move that was first announced last week. Titley follows chairman Paul Spencer who left last week as part of a deal by..

Canadian combine Fairfax Financial Holdings announced on 23 November estimates of $200mn pre-tax group losses caused by Hurricane Wilma. Although the figure falls to $112mn after tax Fairfax added that calculations could not be made with “a high...

Bermudian (re)insurer XL Capital has said that its $500mn quota-share sidecar initiative will be called Cyrus Re and remains on track, having obtained its Bermuda Monetary Licence. XL president and CEO Brian O’Hara confirmed that the hedge fund...

Lloyd’s is set to update its loss estimates for Hurricane Katrina later this week, at a time when investors in some of the quoted Lloyd’s insurers are becoming increasingly jittery about their exposures to the trio of storms.

The Financial Services Authority (FSA) has written a letter to the CEOs of broking firms in order to “remind you of your responsibilities to implement appropriate processes to enable your firm to manage conflicts of interest effectively”.

The fast-expanding broking group Integro Ltd has established a London market foothold with the acquisition of Lloyd’s broker Humphreys Haggas Sutton & Co. As predicted by The Insurance Insider in September, Integro has completed the purchase the...