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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...
  • 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...
  • Bermudian based insurance giant XL Capital has seen its shares fall sharply after estimating a third quarter post-tax catastrophe loss of $1.47bn.
  • 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.
  • 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...
  • 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.
  • The Financial Services Authority (FSA) gave a stark warning against using CAT models with insufficient data as it announced it is to launch a review of the models place in risk management systems. Speaking at the ACORD Forum in London last Thursday...
  • Atrium Underwriting plc has increased the loss estimates from Hurricane Katrina on its two syndicates from £42.7mn to £52.7mn. The majority of the increase occurred on Syndicate 609 which climbed from £32.8mn to £42.6mn.
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