September 2005/2

Allstate, State Farm face vast exposures with limited reinsurance...

While the full magnitude of insured losses from Hurricane Katrina is still being assessed, it already appears certain that the burden will be high enough to trigger payment from the owners of CAT bonds and insured loss warranties.

It's not finite reinsurance which is wrong, but irrational accounting practices, argues former Swiss Re managing director Shirley Beglinger

Sector set for more woe; OIL mutual facing downgrade threat

In our regular monthly International News Digest, we round up key stories from the last month, presenting them to you in easily digestable snippets.

Days after 11 September 2001, the former MMC chief executive Jeffrey Greenberg was instrumental in forming Axis Specialty – the Bermudian insurer which has since blazed a trail of success amidst the ripe rating environment of 2002-2004.

In a surprise move, reinsurance giant Swiss Re announced on 25 August that Jacques Aigrain will succeed John Coomber as its chief executive.

The growing attraction of the run-off sector was underlined last month with the launch of new run-off advisory firm Quest Consultants.

US broker Hilb Rogal & Hobbs Company has settled with Connecticut regulators investigating the firm over alleged compensation abuses.

Mark Hardinge, the former Aon Ltd managing director of its professional risks division, is set to join UK broker Heath Lambert Group later this year.

Lloyd’s insurer Amlin plc is planning to start a Bermudian (re)insurer next year, The Insurance Insider can reveal.