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  • An authoritative estimate of insured property losses from Hurricane Charley emerged last week (25 August) with the ISO’s Property Claim Services (PCS) unit releasing a preliminary estimate of $6.8bn.
  • Bavarian behemoth Munich Re had its AA rating affirmed by Fitch Ratings last week (26 August) following strong half-year results, but the agency warned of lingering concerns over US reserving and earnings still below par as it held its outlook at Negative
  • Despite the collapse of its Lloyd’s parent last year and uncertainty over its future ownership, Bermudian based Rosemont Re can still attract talented underwriters, notes Shore Capital insurance analyst Eamonn Flanagan.
  • Swiss reinsurer in crisis Converium confirmed last week (20 August) that it is on track for a 31 August announcement detailing actions it will take to shore up its capital base in the aftermath of last month’s shock $385mn reserve charge and profits warni
  • Despite its status as the second largest hurricane loss in US history, reports suggest that Hurricane Charley will have less impact on insurers than initially expected.
  • Amlin smoothed fears over falling rates last week by providing a reassuring assessment of market conditions, while also improving slightly the forecasts on its 2002 and 2003 underwriting forecasts.
  • Nick Metcalf, the former head of XL Capital’s London market operations, is set to return to underwriting by joining the fast expanding (re)insurer Arch Capital Group Ltd.
  • The theft of iconic Edvard Munch’s paintings The Scream and Madonna from Oslo gallery, Norway over the weekend will not lead to an insurance loss because they were not covered.
  • Insurers have continued to count the cost of Hurricane Charley this week with firmer loss estimates coming from US, Bermudian and European companies appearing to steady midpoint total loss estimates at around $7bn-$8bn.
  • Despite increasing half-year net profits by 93 percent to an impressive $1.448bn, the spectre of US legacy business returned to haunt Zurich Financial Services (ZFS) as the insurer revealed it had boosted net reserves by $656mn, with $582mn targeted at it