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Omega maintains profit record
Lloyd’s insurer Omega Underwriting Holdings plc (Omega) has reported a £6.7mn pre-tax profit in its maiden results as a listed company. The results follow a busy year for the company, which floated on London Stock Exchange’s Alternative Investment...
27 March 2006
PXRE in deal with Lloyd’s over exposures
Troubled Bermudian reinsurer PXRE Group Ltd has negotiated a deal with Lloyd’s for “early settlement” of claims outstanding to the market, but has denied the move is connected to its possible re-entry to the market, Insider Week can reveal.
27 March 2006
Claims from Cyclone Larry hit $90mn
Insurance claims from Cyclone Larry, which struck north-eastern Australia on 20 March, reached AUS$90mn last week with 4,000 claims already made, according to the Insurance Disaster Response Organisation (IDRO).
27 March 2006
Aviva drops Pru bid
UK insurance giant Aviva plc pulled its bid for compatriot Prudential plc on Friday (24 March) after failing to secure the co-operation of its rival. As reported in this publication, Prudential strongly rebuffed the proposed merger last Monday...
27 March 2006
2005 underwriting loss for US reinurers
A group of hard-hit US reinsurers suffered over $7bn in collective underwriting losses during 2005 after hurricanes Katrina, Rita and Wilma (KRW) added 23.2 points to the sector’s combined ratio, according to the Reinsurance Association of America (RAA).
27 March 2006
Bail bond syndicate increases loss estimates
Heritage’s Syndicate 1245 is now predicting a loss of 52 percent capacity on its 2002 underwriting year. The Lloyd’s insurer decided last year to keep the syndicate open because of uncertainties relating to its controversial US bail bond losses.
27 March 2006
Hannover Re may avoid retro markets over heavy cost
Hannover Re may decide not to buy catastrophe protection from the traditional retrocessional markets because of the high cost, warned the reinsurer’s chief executive Wilhelm Zeller last week. The retro market is now “damned expensive”...
27 March 2006
Limit to form new aviation syndicate after poaching Allianz chief
Allianz’s head of UK aviation business, Emilio Di Silvio, has parted company with the insurance giant, and is set to head a new aviation syndicate at QBE’s Limit. Di Silvio – who has more than 29 years of aviation underwriting experience – resigned...
27 March 2006
Lancashire relieved as AM Best affirms A- rating
Class of 2005 start-up Lancashire Holdings Ltd passed a potentially difficult test last week when rating agency AM Best affirmed its A- financial strength rating. The rating agency placed Lancashire’s ratings under review with negative implications...
27 March 2006
Cargo valued at over $300mn on Hyundai Fortune
The hi-tech cargo of the Hyundai Fortune, a ship that caught fire in the Gulf of Aden last week, has been estimated at upwards of $300mn by broker Aon. An explosion on 21 March ripped a hole in the side of the vessel, blew between 60-90 cargo...
27 March 2006
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