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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.
  • 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.
  • 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).
  • A bullish stance on the insurance broking sector by analysts at Numis Securities fuelled a price hike in the shares of brokers Benfield and JLT last week. In the research note, released on 10 October, Numis analysts Nick Johnson and Nick Gradidge...
  • 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”.
  • 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...
  • Recently formed reinsurer Glacier Re announced this morning (17 October) the successful raising of $100mn from a common stock issue, increasing underwriting capital in response to “favourable market conditions” following Hurricanes Katrina and Rita.
  • 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..
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