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.

Texan businesses that followed US government recommendation to flee from the advancing Hurricane Rita could now find they have no valid claim for Business Interruption.

Australian insurer QBE signed an agreement on 27 September for the acquisition of specialist insurer British Marine for an expected purchase price of $204mn. The purchase price will be close to 1.7 times the firm’s net tangible assets, which are...

Barbados headquartered reinsurer Imagine Group has entered an agreement to acquire its third Lloyd’s insurer after confirming that it is to add Abacus Syndicates Ltd to its stable.

Three US insurance executives who pleaded guilty to charges arising from New York attorney general Eliot Spitzer’s investigations into the industry will not be sentenced until next year after the presiding judge postponed his decision. Former Marsh...

More than 90 percent of Marsh’s largest US policyholders have signed up to the restitution fund created by MMC as part of its settlement with New York attorney general Eliot Spitzer.