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.

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..

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.

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...

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...

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...

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”,...