October 2005/2

The former GoshawK chief executive Chris Fagan is set to acquire the run-off Bermudian reinsurer Overseas Partners Re Ltd (OP Re) with backing from Japanese private equity house Nikko Principal Investments Ltd.

Energy losses as a result of Hurricane Rita are set to be much higher than initially expected according to industry experts. The storm, which at its peak reached category five, blew into the Gulf of Mexico (GOM) on 22-24 September, threading a path...

Despite warnings that Hurricane Katrina could trigger CAT bonds it seems likely that most will be unaffected. It seemed that a number of CAT bonds were under threat as Katrina made its way across the Gulf of Mexico (GOM) as a Category Five storm.

In our regular monthly International News Digest, we round up key stories from the last month, presenting them to you in easily digestable snippets.

Lloyd’s members’ agency CBS Private Capital has decided to restructure its new investment fund Insurance Capital Partners (ICP) after failing to excite sufficient investor interest. Launched with much fanfair this summer, Insurance Capital Partners...

To avoid the threat of downgrades, Bermuda’s (re)insurers are being forced to tap the capital markets Bermuda’s (re)insurers are rushing to the capital markets to repair the damage Hurricanes Katrina and Rita have wreaked to their balance sheets and...

Solicitors administering the estate of a deceased Lloyd’s name have been ordered to refund over £140,000 in legal fees after the name was declared insolvent. The ruling, which could have wide-reaching consequences for solicitors, means that...

Troubles mount as company receives Wells Notice AM Best has placed Bermudian reinsurer RenaissanceRe and its subsidiaries under review with negative implications for financial strength and debt ratings.

Cable & Wireless captive was ‘surrounded in secrecy and protected by lies’ Allegations of fraud, conspiracy and obfuscation were laid out in the Royal Courts of Justice earlier this month with opening submissions by telecommunications firm...

With a general consensus that the impact of Hurricanes Katrina and Rita on the (re)insurance sector will be “market-changing”, industry observers are beginning to comment on just how the underwriting cycle and rating environment might change.

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 City of London police are conducting an investigation into allegations of fraud at Lloyd’s broker Besso Ltd after the company discovered irregularities in some client funds’ accounts, The Insurance Insider can reveal.