October 2005/6

The possibility of a wave of lawsuits over the 1993 bombing of the World Trade Center emerged last week when a New York court found the City’s Port Authority negligent over failing to prevent the attack.

Nascent broking group Integro has hired two former Willis executives to head a newly formed capital risk management division. Ralph D Kneisley and Joseph J Fusco have become the joint leaders of Integro’s Capital Project Risk group which will...

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...

CNA, the seventh biggest commercial insurer in the US, suffered a negative set of Q3 results after incurring a post-tax loss of $294mn from the impact of recent catastrophes, primarily Hurricane...

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. The revised estimate covers onshore damage caused by windstorm and coastal surge as well...

US employee benefits services company Delphi Financial Group said it will withdraw from property reinsurance following this year’s severe storm losses.

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...

Ratings agency AM Best affirmed its B++ (Very Good) financial strength rating on Swiss reinsurer Converium and its main subsidiaries with a stable outlook last week. It said the affirmation reflected Converium’s “very good risk-adjusted...

Lloyd’s run-off vehicle Equitas has settled its liabilities with the General Motors Corporation, including all North American third-party asbestos and pollution-related liabilities dating from as far back as the mid-1950s.

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...

Arab Insurance Group (ARIG) announced its 2005 third-quarter net profit was up 122 percent to $42.1mn compared with $19mn for the same period last year. There were several reasons for the growth in profits at ARIG, including increased premiums, a...

US property and casualty giant St Paul Travelers reported net income for the last quarter of $162mn compared to net income of $340mn in the same period last year. Catastrophe losses related to Hurricanes Katrina and Rita in the current quarter were...