October 2005/3

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.

Aon UK confirmed last week that it is to follow rival MMC in reducing its headcount with a major restructuring of its Risk Services and Specialty divisions. As revealed by Insider Week on 26 September, the broker is to place its employees into...

Bermudian reinsurer Max Re reported net income for the nine months ended on 30 September of between $10mn and $20mn.

An excellent first-half to 2005 for European reinsurers has been eclipsed by the third-quarter catastrophes which are set to make this year the most expensive ever for the (re)insurance industry. That was the conclusion from reinsurance broker Benfield...

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...

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...

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.

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...