October 2005/6

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...

Bermudian multi-line (re)insurers Arch and Endurance reported third quarter losses last week reflecting the impact of Hurricanes Katrina and Rita. Arch suffered relatively lightly from the record industry catastrophe losses, with a net loss of...

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...

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...

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.

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...

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...

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

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...