October 2005/4
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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.
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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.
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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...
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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.
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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.
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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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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...
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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...
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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.
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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...
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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...
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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...
