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.

Although the industry has learnt the business lessons of the 9/11 terrorist attacks, only those companies that suffered actual loss of life in the tragedy have developed sufficient risk strategies, according to research released today (17 October).

For those in the insurance industry who shudder at the very mention of his name, some satisfaction may be gleaned from New York attorney general Eliot Spitzer’s double defeats last week. On 13 October 2005 – on the eve of the anniversary of his...

Advent’s ‘future viability’ in doubt... Canadian holding company Fairfax has received another savaging at the hands of Morgan Keegan analysts John Gwynne and Matthew Cantrell. In a research note released on 10 October, the US based analysts...

GE Insurance has announced the merging of its South East Asian operations within its Singapore office with the Malaysian being placed into run-off immediately. The move is part of a business restructure and the Singapore office will handle all...

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...

Professional Indemnity veteran Reg Brown has retired from the board of Lloyd’s insurer Kiln plc with immediate effect. In an announcement to the London Stock Exchange today, Kiln’s chairman Nick Cosh explained: “Some months ago Reg indicated his wish..

Risk is being underestimated and ignored in boardrooms around the world, leaving many organisations in danger from unforeseen hazards, in an increasingly risk-filled world. That was the overwhelming message from a survey, “Taking Risk on Board”,...

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..