October 2005/6

Lloyd’s insurers are set to follow their Bermudian rivals by going to the capital markets to raise funds, Insider Week can reveal. But in contrast to many of the specialist Bermudian based property catastrophe reinsurers, most of the Lloyd’s...

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...

HSBC Insurance Brokers has expanded its professional indemnity arm with the appointment of Edward Donne as division director.

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...

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...

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...

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.

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...

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...

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...

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...