October 2005/1

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.

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.

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...

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...

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...

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.

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.

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.

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...

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.