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 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.

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

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.

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

Clement Booth has joined the management board of Allianz AG where he will be responsible for the UK insurance markets on the board.

Joe Plumeri has called on the insurance industry to be heroic in the wake of Hurricane Katrina. The Willis chairman and CEO was speaking at this year's PricewaterhouseCoopers Breakfast Briefing at the Reinsurance Rendezvous in Monte Carlo.

Marsh & McLennan Companies Inc (MMC) announced today (9 September) that president and CEO Michael Cherkasky will hand over the reins of broking subsidiary Marsh Inc to Brian M Storms with immediate effect.

Pressure from US regulators over finite reinsurance continues unabated, with the revelation that Joseph Brandon, chief executive of Berkshire Hathaway’s General Reinsurance unit, has received a Wells notice from the US Securities & Exchange Commission...

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.

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.

Munich Re chairman Nikolaus Von Bomhard yesterday confirmed that the company’s losses from Hurricane Katrina will be significantly greater than the figure it released on Tuesday 30 August – before the levees protecting stricken New Orleans failed.

European reinsurance giants Swiss Re and Hannover Re have joined Munich Re in changing their estimates of insured losses resulting from Hurricane Katrina.