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September 2005/3

  • 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...
  • 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
  • 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.
  • 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.
  • 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.
  • As Monte Carlo gets underway, a consensus is beginning to emerge that Hurricane Katrina is an industry changing event, with profound implications for balance sheets, rates and capitalization.
  • AM Best questions European loss figures, S&P places 10 firms on ratings watch. As the world’s (re)insurers continue to assess the impact of Hurricane Katrina, the first revisions of early loss estimates are beginning to show through.
  • Reinsurance broker Benfield announced a 10.5 percent drop in pre-tax profits when it revealed its first-half results last Thursday (8 September).
  • 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+’.
  • 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.