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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...
  • 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...
  • 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).
  • 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...
  • Lloyd’s insurer Amlin is to form a $1bn capitalised Bermudian reinsurance company to take advantage of the post-storms rating environment.
  • 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...
  • Bermuda headquartered Transatlantic Re has reported a large increase in 3Q net losses to $144.2mn, against net losses of $21.8mn for the same period a year earlier. The company reported net income of $24.4mn for the first nine months of the year...
  • 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...
  • The pain inflicted by Hurricanes Katrina and Rita is clearly reflected in the third quarter reporting of cat specialists Partner Re, PXRE and IPC Re, three of the island’s older guard of (re)insurers. Last week, the trio announced heavy losses for...
  • 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...
  • Catastrophe losses were the driving force behind third-quarter 2005 losses at Bermuda-based reinsurer Everest Re Group, according to the company’s latest earnings release.
  • In common with many of its fellow Bermudians, reinsurer Aspen has revealed dramatic third quarter 2005 losses after the recent spate of natural catastrophes. In its 27 October earnings release, the company said it was looking at a loss of $362mn for...
  • US reinsurer Odyssey Re has reported a third-quarter net loss of $96.6mn after suffering a post-tax loss of $178.8mn due to hurricanes Katrina and Rita. The loss was a significant increase from Odyssey’s $18mn deficit for the same period 12 months...
  • In contrast to its rival XL Capital, shares in Bermudian giant ACE climbed last week despite the company revealing the extent of its hurricane exposures. The (re)insurer said third quarter earnings had fallen to a $112mn net loss after the third...
  • 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...
  • 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...
  • Former American International Group (AIG) chief executive, Maurice “Hank” Greenberg, has sent a letter to friends and associates asking permission to use their names as part of a PR operation to repair his image, reports The Wall Street Journal.
  • 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...