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.

Bermudian (re)insurer White Mountains announced Steve Fass as its newly elected president and CEO today (17 October). Fass has been at White Mountains for almost a decade as a senior partner in its reinsurance operations. He will succeed Ray Barrette..

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”,...

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...

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.

GoshawK is set to become the first corporate insurance victim from 2005’s devastating hurricane season after the UK quoted company confirmed this morning (17 October) that it is likely to go into run-off. The insurer – which after the demise of its...

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..

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).

In his capacity as Market Reform Group (MRG) chairman, Lloyd’s outgoing CEO Nick Prettejohn has written to the London market outlining the next practical steps to be taken toward achieving contract certainty.