October 2005/6

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...

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...

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.

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...

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 on 27 October, Quanta said it now believed its total...

Lloyd’s based broker Fabien Risk Services Ltd has gone into liquidation with debts of over £700,000 and questions over the behaviour of some of its former directors. The company, which was formed in 2001 and traded from offices in Romford, Essex and...

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...

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...

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...

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

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...

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.