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Amlin Bermuda receives double rating boost
Amlin Bermuda has received ratings from Standard & Poor’s (S&P) and Moody’s, becoming the first “Class of 2005” reinsurer to be rated by the agencies.
03 January 2006
Beazley shelves plans for new syndicate
Lloyd’s insurer Beazley announced on 23 December it has scrapped plans to form a new short-tail property reinsurance syndicate after failing to get the required support from investors for the initiative.
03 January 2006
GoshawK raises hurricane losses
Failed (re)insurer GoshawK has today (3 January) announced increased provisions at its Bermudian subsidiary Rosemont Re for losses arising from last autumn’s hurricanes and prior-year legacy issues.
03 January 2006
‘Judicial Hellholes’ – named and shamed
The annual report of “Judicial Hellholes” has been published by the American Tort Reform Association (ATRA) naming and shaming the worst jurisdictions in the USA. ATRA defines “Judicial Hellholes” as places where “judges systematically apply laws and..
03 January 2006
IUA to test e-claims
The International Underwriting Association (IUA) is set to start 2006 by testing a new electronic claims system that aims to speed up the settlement of insurance and reinsurance claims in the London Market.
03 January 2006
JLT Re begins trading
UK listed broker Jardine Lloyd Thompson Group plc saw its reinsurance arm commence trading as a separate entity under the name JLT Re on 1 January.
03 January 2006
Montpelier Re confirms Blue Ocean launch
Bermudian reinsurer Montpelier Re confirmed yesterday (2 January) the capitalisation of $300mn start-up Blue Ocean Reinsurance Ltd to write retrocessional business on its behalf.
03 January 2006
HCC completes Illium deal
US insurer HCC Insurance Holdings has completed the acquisition of the 80 percent outstanding shares in Illium Insurance Group, the parent company of Lloyd’s managing agency Illium, which manages liability and motor Syndicate 4040.
03 January 2006
Swiss Re cashes in on Admin Re future profits
Reinsurance giant Swiss Re last week (28 December) announced that it had completed a second deal securitising future profits from a portfolio of US insurance policies bought up by its Admin Re division.
03 January 2006
AM Best affirms ratings on Bermudian (re)insurers
Ratings agency AM Best affirmed the crucial A- financial strength ratings of Bermudian (re)insurers Quanta and PXRE in time for the renewal season. Ratings for both companies remain on negative outlook.
03 January 2006
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