October 2005/1

Shares in Bermudian insurer have dropped alarmingly by over 30 percent this month in the wake of substantial Katrina losses and poor results from the first-half of 2005. At the beginning of September shares in Goshawk were trading at over 36p on the...

Shares in Bermuda headquartered GoshawK slumped 18 percent to a low of 19.5 pence this morning (7 October) after the troubled reinsurer more than doubled its estimate of net losses stemming from Hurricane Katrina and said it would have difficulty...

Despite the estimated £1.4bn ($2.5bn) blow from Hurricane Katrina, Lloyd’s still expects to make a full year profit in 2005. This was one of the messages from Lloyd’s first ever interim results published this morning (6 October) which show a profit...

Aon UK has confirmed that it is to lose up to 750 jobs in a major restructuring of its Risk Services and Specialty divisions. As revealed by Insider Week on the 26 September, the broker is to place its employees into “consultation” which is expected...

Ratings agency AM Best has placed the financial strength rating of “A-” (Excellent) and issuer credit rating of “a-” of Bermudian reinsurer Aspen Insurance Limited under review with negative implications.

Lloyd’s insurer Wellington Underwriting plc has become the latest company to increase its estimated loss exposures from Hurricane Katrina.

HCC Insurance Holdings revealed last week that it will take a third quarter charge of $17mn – the equivalent of 16 cents a share – after commuting around $145mn of reinsurance recoverables.

After floating on the Alternative Investment Market for £20mn in April this year Omega has increased its net tangible assets to £26mn. And net tangible assets per share are up to 69.8 pence per share the group reported in its first-half results on...

Giant insurer American International Group (AIG) has taken legal action in an effort to seize $20bn of its own shares from the control of ousted former chief executive Maurice “Hank” Greenberg, according to reports last week (29 September) in the Wall...

AM Best has placed Bermudian reinsurer RenaissanceRe and its subsidiaries under review with negative implications for financial strength and debt ratings. The rating review follows the company’s receipt of a Wells Notice from the Securities and...

Bermuda-based Aspen Insurance Holdings has become the latest company to face the prospect of a downgrade by Standard & Poor’s (S&P) in the wake of Hurricane Katrina, after it today (3 October) revealed its estimated net losses from the hurricane and...

ACE has today (3 October) become the latest (re)insurer to announce capital raising plans in the wake of Hurricanes Katrina and Rita, as the industry responds to plug balance sheet gaps and prepare for the underwriting opportunities ahead.