October 2005/4

Industry veteran Don Kramer has agreed to buy the infrastructure of GoshawK’s Rosemont Re to establish a new $750mn+ private equity backed Bermudian reinsurer.

Lloyd’s insurer Catlin announced today (19 October) that it expects to be hit with estimated net losses of $60mn from the damage caused by Hurricane Rita.

Rating agency AM Best has slashed its financial strength ratings of distressed Bermudian reinsurer Rosemont Re from A- (excellent) to B (Fair) with negative outlook. The reinsurer – which announced on the 17 October it was close to run-off after...

Former American International Group (AIG) chief executive, Maurice “Hank” Greenberg, is countersuing his former company through Starr International Company (SICO) in a growing dispute over control of a 12 percent stake in AIG worth nearly $20bn.

US insurer HCC Insurance Holdings (HCCH) has announced that Barry J Cook has been appointed to the new position of chief executive of the company’s international operations.

Lloyd’s insurer Amlin has appointed Peter Tavner as deputy group actuary. Tavner joins Amlin from Lloyd’s Risk & Reserving Unit. Tavner has worked in the industry for 15 years for Commercial Union, Swiss Re and Lloyd’s and is a member of the...

Marsh has appointed the former HBOS head of group regulatory risk Paul Moore to the new role of head of compliance for Europe and the Middle East at the broking giant. At a global level, Moore will report to Marsh Inc’s head of compliance...

Former Morgan Stanley insurance analyst Alice Schroeder has seen publishers push up the bidding rights to $7mn for her forthcoming biography on Berkshire Hathaway legend Warren Buffett. Schroeder left Morgan Stanley in 2003 to co-operate with...

A US federal court has overturned the $700mn damages awarded against the French firm Artermis SA for its role in the Executive Life scandal. Judge Howard Matz of the US District Court for the Central District of California ruled on 4 October that the..

As Europe braces itself for a potential influenza pandemic, broker Aon warned today (17 October) that businesses remain unprepared for “the greatest threat facing their business today” and called on companies to “take action to protect their performance”.

Property catastrophe specialist IPC Holdings said last week that it is now expecting a loss within a range of $650mn to $750mn due to Katrina and Rita, currently the largest actual loss estimate figure issued by a Bermudian (re)insurer.

Lloyd's chief executive Nick Prettejohn is to end his 10-year association with Lime Street and join the UK insurer Prudential plc at the beginning of next year. Prettejohn, aged 45, will replace Mark Wood as the chief executive of Prudential's UK...