October 2005/3

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...

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...

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).

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...

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...

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...

Specialist Lloyd’s underwriter Marketform has made a commitment to a cleaner environment and carbon neutrality by joining ECX Associate Membership Ltd. ECX, which is chaired by former Brit Insurance chief executive Neil Eckert, provides advice to compa

Swiss reinsurer Converium has commuted net reserves of almost $250mn relating to the liabilities of Converium Reinsurance (North America) Inc during the third quarter of this year.

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.

Bermudian reinsurer Quanta, and Lloyd’s vehicles Kiln and Watkins Syndicate 457 are among the first in what is likely to be a growing list of (re)insurers withdrawing from selected lines of business for at least part of the remainder of 2005.

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

Canopius announced the recruitment of Mike Duffy and Alex Shepherd on October 6. The new recruits will underwrite global property insurance for the Lloyd’s insurer, although there will be a particular focus to the US market.