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Rita evacuation not an interruption of business
Texan businesses that followed US government recommendation to flee from the advancing Hurricane Rita could now find they have no valid claim for Business Interruption.
03 October 2005
Imagine Group acquires another Lloyd’s insurer
Barbados headquartered reinsurer Imagine Group has entered an agreement to acquire its third Lloyd’s insurer after confirming that it is to add Abacus Syndicates Ltd to its stable.
03 October 2005
RenaissanceRe under ratings watch
AM Best has placed Bermudian reinsurer RenaissanceRe and its subsidiaries under review with negative implications for financial strength and debt ratings. The rating review follows the company’s receipt of a Wells Notice from the Securities and...
03 October 2005
Post Katrina capital surge gathers pace - Total raised tops $3.2bn; more on the way
ACE has today (3 October) become the latest (re)insurer to announce capital raising plans in the wake of Hurricanes Katrina and Rita, as the industry responds to plug balance sheet gaps and prepare for the underwriting opportunities ahead.
03 October 2005
AIG sues Greenberg over control of $20bn shares
Giant insurer American International Group (AIG) has taken legal action in an effort to seize $20bn of its own shares from the control of ousted former chief executive Maurice “Hank” Greenberg, according to reports today in the Wall Street Journal (WSJ).
29 September 2005
S&P: industry outlook lowered on Katrina impact
Ratings agency Standard & Poor's (S&P) has lowered its outlook on the reinsurance industry to negative from stable, suggesting that company downgrades will outnumber upgrades for the remainder of the year.
28 September 2005
Alea cancels capital raising following AM Best downgrade blow
Embattled UK quoted reinsurer Alea Group Holdings (Bermuda) Ltd has cancelled a rescue fund raising plan following AM Best’s decision on 23 September to downgrade the firm’s financial strength rating from A- to B++.
26 September 2005
Eqecat adds flood damage to Katrina estimates
Risk modelling experts Eqecat released estimates of between $11-19bn for the offshore energy and commercial flood damage caused by Hurricane Katrina. Although the estimates are outside of Eqecat’s usual scope, the company said it was responding to...
26 September 2005
JLT Re expands
JLT Re, the reinsurance arm of Jardine Lloyd Thompson, is continuing to build following the decision to separate it from the brokers other businesses and grow beyond its presence in marine and aviation.
26 September 2005
MMC settles with insurance regulators
Marsh & McLennan (MMC) has reached agreement with more than 30 US insurance regulators over alleged fraud and anti-competitive practices. The charges were levelled by New York attorney general Eliot Spitzer and New York State Insurance...
26 September 2005
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