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...

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...

The threat of a Post-Katrina liquidity crunch has grown as the rating agencies have become more aggressive in responding to the industry’s exposures to the loss. Initially, rating agencies such as Standard & Poor’s (S&P) and AM Best appeared...

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.

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.

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...

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.

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...

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...

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...

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.

Catastrophe modelling firm AIR has for the first time released detailed loss estimates for storm surge and flood damage as a result of Hurricane Katrina. On 29 September the company said damage by water would likely reach $44bn.

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...