October 2005/6

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...

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.

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...

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...

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...

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...

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...

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...

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...

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...