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  • Brit Insurance has become the latest (re)insurer to raise capital in expectation of 2006’s improved underwriting conditions. The firm announced that it has agreed to raise £150mn tier two long-term subordinated debt. As well as enabling Brit to take...
  • Lloyd’s insurer Chaucer has offered PXRE an exit route from its discontinued Lloyd’s business by agreeing to buy the troubled Bermudian’s subsidiary PXRE Ltd, which provides the capital for Syndicate 1224. The Syndicate, which stopped underwriting...
  • Despite raising sufficient capital to ensure a capacity of £150mn on its Syndicate 780 next year, Advent Capital has seen ratings agency Moody’s downgrade its rating on the syndicate following the devastating losses from this year’s storms.
  • Lloyd’s insurer Kiln has increase its 3Q storm losses, adding £10mn to Katrina exposures and reporting an initial range for Hurricane Wilma of £7.5mn to £12.5mn. In total Kiln now estimates that the pre-tax cost of these three hurricanes for its...
  • Validus Reinsurance Ltd, the Bermudian reinsurance start-up backed by the former MMC chairman and chief executive Jeffrey Greenberg, is set to go live later this week after raising $1bn in equity financing, Insider Week understands.
  • Pressure is growing on senior management at Bermudian (re)insurer XL Capital after recent comments by equity analysts and rating agency Standard & Poor’s (S&P) – which last Monday (28 November) downgraded the company by a notch from AA- to A+.
  • Rating agency AM Best is set to seal its stamp of authority on Bermuda’s “class of 2005” (re)insurers when it publishes inaugural financial strength ratings for a number of the start-ups in the forthcoming days. According to sources, AM Best is to...
  • French (re)insurer SCOR will take up membership of the pools Réunion Aérienne and the Réunion Spatiale on 1 January 2006. SCOR, whose application to join the pools was accepted in November, will take a 5 percent share of each pool.
  • Bermudian (re)insurer XL Capital has announced the establishment of a new Excess & Surplus (E&S) unit within its XL Insurance division. The new unit will be headed by newly appointed E&S president John M DiBiasi, and will underwrite through Indian...
  • Loss adjusters Crawford & Company announced that it has purchased a 26 percent interest in loss adjusting and claims settlement firm Indian Puri Anuj & Associates. The move is expected to provide additional service delivery capabilities to support...