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...

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...

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...

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.

After three days of pounding Mexico’s coastline, Hurricane Wilma has made landfall on Florida’s west coast. According to the latest information, the category three hurricane, which is packing 120mph winds and moving at around 20mph, came ashore just...

Jeff Greenberg, the former MMC chief executive, has recruited a senior management team to lead his new $1bn+ Bermudian (re)insurer, Insider Week can exclusively reveal. George Reeth, the former president of Willis’ North America operations, and...

Markel Corporation has announced the formation of a new marine and energy insurer, Markel Global Marine & Energy. Steve Cullen, formerly president of the Marine and Offshore Energy Division of XL Insurance, will head the unit and will be responsible...