September 2005/4

Industry legend Maurice “Hank” Greenberg gave his strongest hint yet that he plans to return following his ousting from insurance giant American International Group Inc in March. In an interview with Reuters last week, the 80-year old said...

Lloyd’s-backed electronic data transfer platform Kinnect unveiled a double whammy last week in the form of the resignation of Toby Davies and Iain Saville as CEO and executive chairman respectively.

But hurricane season far from over... Hurricane Ophelia will create insured losses of no larger than $800mn, according to the latest estimates from catastrophe modelling firm AIR.

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. In a research note released on 13 September Wilt warned that “trading on reinsurers...

Recent estimates from the US Minerals Management Service (MMS) have revealed the continuing impact of Hurricane Katrina on oil and gas production in the Gulf of Mexico.

Following a mandated 12 September deadline to provide loss estimates, Lloyd's vehicles have continued paint a picture of the scale of the claims they are facing. Meanwhile other (re)insurers, led by those based in Bermuda, have begun to release...

Stephen Way, CEO of HCC Insurance Holdings, has hit out at (re)insurers for publishing inaccurate loss estimates in the wake of Hurricane Katrina. Speaking to Insider Week, Way said it was a “cop out” for certain companies to report their market...

As the reinsurance industry converged on Monte Carlo for the annual reinsurance Rendez-Vous last week, conversations seldom strayed far from Hurricane Katrina. But amidst the champagne and conjecture, there was a general consensus that rates would...

Bermudian reinsurer Montpelier Re acted swiftly to restore its Hurricane Katrina battered balance sheet by raising some $600mn from selling its stock at $24 per share. The “class of 2001” reinsurer saw its share price plummet 17 percent...

AM Best has become the latest ratings agency to reassess its stance on (re)insurers affected by Hurricane Katrina. Its most significant move was to downgrade the financial strength of Olympus Re to B+ (Very Good) from A- (Excellent), while...

First hints of Katrina litigation and political pressure on insurers The first evidence of the likely upcoming political pressure against insurers to pay claims in the wake of Hurricane Katrina became evident last week when Democrat Mississippi...