October 2005/5

Lloyd’s insurer Hiscox plc painted an upbeat picture of the company’s prospects despite increasing its net loss estimates by $10mn on Hurricane Katrina. In an announcement to the London Stock Exchange this morning (31 October), the company said it...

Catastrophe modelling firm Risk Management Services (RMS) has increased its estimate for insured losses caused by Hurricane Wilma to a range of $8bn to $12bn.

Bermuda headquartered (re)insurer Quanta has joined the growing list of companies increasing their estimates of losses incurred as a result of hurricanes Katrina and Rita. In an announcement this morning (27 October), Quanta said it now believed its...

Ed Noonan, the former chief executive of America Re, is to head the latest reinsurer set to establish itself on Bermuda. Validus Holdings Ltd is currently raising funds via a US private placement and, according to well placed sources, is being...

Bermudian based insurance giant XL Capital has seen its shares fall sharply after estimating a third quarter post-tax catastrophe loss of $1.47bn.

Post-Katrina start-up activity is gaining momentum with news that US insurer Chubb Corp is set to help launch a new Bermudian reinsurer, Harbor Point Ltd. Chubb will own 16.25 percent of the new company, which will begin writing business from...

AM Best’s decision to downgrade Montpelier Re despite the reinsurer raising $600mn in the aftermath of Katrina is the latest example of the get tough approach of the rating agencies. It is also good news for the proposed start-up reinsurers who are...

HCC Insurance Holdings has acquired the Lloyd’s based liability insurer Illium Insurance Group Ltd. HCC, which has provided capital to Illium since it began underwriting in 2004, has acquired the remaining 80 percent of the outstanding shares in the...

After equalling records by becoming the 21st named storm in a season, Hurricane Wilma this week ploughed its way across the Florida peninsula, flattening houses and businesses and leaving flooding in its wake.

Despite the depredations of the 2004 and 2005 hurricane seasons, the US property/casualty sector appears to be in rude health – at least for the time being, if the latest industry report from ratings agency AM Best is to be believed. In its report...

The black boxes have been recovered from the site of Saturday (22 October) night’s plane crash in Nigeria. The Bellview Airlines Boeing 737 crashed minutes after take-off in Lagos on its way to the Nigerian capital Abuja killing all 117 crew and...

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.