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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.
  • A new report from insurance boker Aon has predicted that reductions in airline insurance rates will slow in the final quarter of 2005 as the sector feels the knock-on effect of the year’s hurricane season. To date this year, liability and hull...
  • 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.
  • Analysts at Morgan Stanley have highlighted concerns that (re)insurers have under-estimated their losses from 2005’s unprecedented hurricane season. In a research note released on 13 October, Morgan Stanley analyst William Wilt observed that...
  • Following the impact of 2005’s devastating hurricane season, Lloyd’s insurers are preparing to take advantage of expected rate rises next year, according to announcements made on 12 October. Kiln, which has already pre-empted its 2006 capacity to...
  • 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...
  • 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...
  • 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).
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