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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...
  • 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...
  • 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...
  • It is an anniversary which many in the industry would be keen to forget. But on Friday 14 October, it will be one year on since the New York attorney general Eliot Spitzer rocked the insurance world with his stunning allegations against MMC.
  • With climbing estimates for flood losses following Hurricane Katrina that continue to differ wildly the catastrophe models used to calculate figures are coming under increasing criticism with one (re)insurer publicly questioning their confidence in the...
  • 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.
  • 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...
  • IPC Re became the latest Bermudian (re)insurer to announce plans to tap the capital markets when filing a mixed shelf registration late on Friday evening (7 October) to raise up to $1.25bn in future capital. The property catastrophe specialist also...
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