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October 2005/1

  • 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...
  • 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...
  • 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...
  • 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.
  • 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...
  • Lloyd’s insurer Wellington Underwriting plc has become the latest company to increase its estimated loss exposures from Hurricane Katrina.
  • 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...
  • Atrium’s pre-tax profits fell to £13.4mn the company reported in its first-half results for 2005, down from a restated figure of £15.7mn for the same period in 2004. The Lloyd’s underwriter reported its interim results on 28 September with net...
  • Converium has renewed its fronting arrangement with Berkshire Hathaway’s National Indemnity Company and Munich Re which enables the Swiss Reinsurer to continue as a member of the aviation pool Global Aerospace Underwriting Managers Ltd until...
  • 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...
  • Lloyd’s press office has confirmed the resignation of head of application development Brian Goode from Kinnect. Goode’s departure comes less than a month after the high profile resignations of executive chairman Iain Saville and CEO Toby Davies.
  • Bermudian reinsurer PXRE has expressed its disappointment at being downgraded by leading rating agencies Standard & Poor’s (S&P) and AM Best as it strives to get away a $475mn capital raising initiative to bolster a capital base decimated by Hurricanes...
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