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  • 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.
  • 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.
  • 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.
  • 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..
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.