September 2005/3

Lloyd's has confirmed today (14 September) the resignation of Toby Davies and Iain Saville as CEO and executive chairman of Kinnect respectively.

Lloyd’s has issued an estimate of £1.4bn net loss due to Hurricane Katrina, stating that the London market is in a strong enough position to absorb the loss.

Bermudian (re)insurers have begun to release their estimates of the financial impact of Hurricane Katrina. Meanwhile, following a mandated 12 September deadline to provide loss estimates, Lloyd's vehicles have continued paint a picture of the scale of th

On 12 September, Insider Week stated that Equitas' insolvency margin had increased. This was incorrect. The opening paragraph of the story should have read: Equitas announced its annual results for the year ended 31 March 2005 last week, revealing...

Morgan Stanley analyst William Wilt has advised investors to remain selective as new capital opportunities arise with (re)insurers in the wake of Hurricane Katrina.

Marsh & McLennan Companies Inc (MMC) announced last Wednesday (7 September) that is to sell Crump Group Inc. wholesale broking business of its Marsh Inc unit to a of J.C. Flowers & Co affiliate.

Equitas announced its annual results for the year ended 31 March 2005 last week, revealing a rise of 2.4 percent in its insolvency margin.

French reinsurer SCOR group received a welcome boost on 9 September when international rating agency Fitch Ratings upgraded its Insurer Financial Strength (IFS) from ‘BBB’ to ‘BBB+’.

Steps are already taken to ensure that the victims of Katrina have their property and healthcare claims promptly by insurers, according to Louisiana Insurance Commissioner Robert Wooley.

Swiss insurer Zurich Financial Services (ZFS) has released its preliminary estimates of losses resulting from the recent flooding in Switzerland, southern Germany and Austria.

On the eve of the key Monte Carlo reinsurance Rendez-Vous event, Standard & Poor’s (S&P) again downgraded a troubled reinsurer below its pivotal ‘A-’ rating.

As Insider Week goes to press, the picture on Hurricane Katrina loss estimates remains fluid, with (re)insurers beginning for the first time to revise initial estimates of the damage caused by windstorm, fire and flood.