November 2005/5

Shares in Lloyd’s insurer Wellington Underwriting plc fell almost 15 percent last week to close at 91.75p after the company amazed investors by increasing its Katrina loss estimates by a further $100mn to $320mn. The announcement came a little over...

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...

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...

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.

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..

Captive insurers can give companies long-term control over risk and protect companies from the vagaries of market cycles according to speakers at the industry’s first The Captives Conference. The conference was held in London on 23 November and...

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 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.

Shares in XL Capital slumped 9 percent to $67.42 as markets reopened Friday (25 November) following the Bermudian (re)insurer’s revelation that it is set to lose a dispute with Credit Suisse over its acquisition of certain Winterthur International...

In a pioneering move, Lloyd’s is set to form an Islamic reinsurance syndicate to target Shari’a compliant business which will be managed by Creechurch Holdings Ltd, Insider Week can exclusively reveal. According to sources, the takaful reinsurance...

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...