October 2005/1

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...

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...

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.

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...

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.

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...

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.

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...