October 2005/4

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..

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...

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...

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...

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...

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.

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...

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..

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”,...

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.