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October 2005/6

  • Hiscox plc is set to become the latest Lloyd's insurer to establish a Bermudian licensed (re)insurer, Insider Week can reveal.
  • Fast-expanding insurance consolidator Towergate Partnership is set to buy SVB’s underwriting agency Fusion Insurance in a deal worth up to £25mn, The Insurance Insider can reveal. After several months of talks, Towergate and SVB have agreed terms...
  • Shares in UK quoted GoshawK have collapsed almost 40 percent today to 5.75p as the company is no longer able to get access to funds in its Bermudian reinsurance arm Rosemont Re – which became the first industry casualty of this year’s storms when it...
  • Former Lloyd’s underwriter Richard Brindle is to set up a new Bermudian (re)insurer to target the post hurricanes rating environment. According to sources, the new (re)insurer will be called Lancashire – the county of Brindle’s birth – and will...
  • RenaissanceRe CEO and chairman James Stanard has resigned over the ongoing investigations into the troubled reinsurer’s earnings restatement, the company revealed late yesterday (1 November).
  • Bermudian cat specialist IPCRe has had its financial strength downgraded from A+ to A and its credit ratings from aa- to a by AM Best, becoming the latest victim of the rating agencies’ get tough approach to (re)insurers hit hardest by hurricane losses.
  • Reinsurance giant Swiss Re confirmed it will not make its earnings target this year as it faces claims of $750mn from hurricanes Rita and Wilma. The company said today (2 November) that while its over-the-cycle target of 10 percent earnings growth...
  • Kiln plc has followed fellow Lloyd's insurer Amlin plc in announcing a rights issue to raise funds for the post-hurricanes rating environment. According to the insurer, it will raise £72.8mn net of expenses which it will use to acquire further...
  • Lloyd’s insurer Amlin is to form a $1bn capitalised Bermudian reinsurance company to take advantage of the post-storms rating environment.
  • Lloyd’s insurer Beazley Group plc has doubled its Katrina loss estimate to $100mn and estimated further losses of $30mn to the group from hurricanes Rita and Wilma. In a statement to the London Stock Exchange this morning, Beazley explained that...
  • Lloyd’s insurer SVB estimates that Hurricane Wilma will cost the group between £5mn-£10mn, on top of the loss burdens of Katrina and Rita. The insurer had already estimated a net cost of £25mn from Katrina based on an industry wide loss of $40bn...
  • Bermudian based insurance giant XL Capital saw its shares fall sharply last week after estimating a third quarter post-tax catastrophe loss of $1.47bn. XL – which had previously said it expects around 1.75 percent of the market-wide Katrina loss...
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