October 2005/3

GoshawK is set to become the first corporate victim from Hurricane Katrina and Rita’s insurance losses when the UK quoted company confirmed this morning that it is likely to go into run-off. The insurer – which after the demise of its Lloyd’s...

Lloyd’s chief executive Nick Prettejohn is to end his ten year association with the Corporation and join UK insurer Prudential plc at the beginning of next year. Prettejohn, aged 45 yrs, will replace Mark Wood as the chief executive of Prudential’s...

UK regulator Financial Services Authority (FSA) has fined a subsidiary of GoshawK £220,000 over breaches of FSA rules in 2002 and 2003. The fines were levied on GoshawK Syndicate Management Ltd, the company which managed GoshawK’s ill-fated...

Following the impact of 2005's devastating hurricane season Lloyd's insurers are preparing to take advantage of expected rate rises next year, according to announcements made today (12 October).

The UK Financial Services Authority (FSA) has said it is consulting with the (re)insurance industry on revised rules for the disclosure of finite reinsurance. The announcement follows a March 2005 request for information from the FSA for firms’ use...

US insurer the Chubb Corporation has placed its 2005 third quarter catastrophe loss estimate at roughly $600mn gross and $390mn post-tax.

Reinsurance broker Glencairn has announced it has hired Mark Ter Haar as business development director, as part of its acquisition of IoRisk Solutions.

HCC Insurance Holdings Inc revealed that it faces gross Hurricane Rita exposures of $70mn which would net down to $20mn after reinsurance, and $13mn with tax. In a statement, HCC founding chief executive Stephen Way explains: “Rita represents a...

Japanese P&C (re)insurers received a positive outlook from ratings agency Moody’s when in its latest report it said there was a low to moderate possibility of a ratings action in the next 12-18 months on the sector.

UK insurer Royal & Sun Alliance has vowed to fight on despite another set back in its attempts to avoid exposures to US student loan losses. Last week, a US Court of Appeals court upheld an earlier decision that R&SA’s US arm Royal Indemnity had...

Shares in Bermuda headquartered GoshawK slumped 18 percent to a low of 19.5p last week, before recovering to close at 24.5p today (10 October), after the troubled reinsurer more than doubled its estimate of net losses stemming from Hurricane Katrina...

Uncertainty over the ceiling for insured losses arising from Hurricane Katrina remains, as (re)insurers continue to revise estimates upwards. On Friday (7 October), shares in Bermuda-headquartered GoshawK tumbled after it revealed its gross losses...