News
Fitch downgrades PXRE to BBB+
Fitch Ratings has downgraded the insurer financial strength rating on PXRE's lead operating subsidiaries, PXRE Reinsurance and PXRE Reinsurance Company, to 'BBB+' from 'A-'. Additionally, Fitch has downgraded the rating on PXRE Capital Trust I's…
RenRe’s Currie streamlines reporting with key promotion
In a move that unifies the oversight of both specialty and reinsurance lines into one position, RenaissanceRe Holdings has announced that Kevin O'Donnell has been promoted to president of its Renaissance Re subsidiary.
ABI backs government clamp down
The war against the uninsured driving menace has today entered a new phase, according to the Association of British Insurers.
Government unveils further uninsured driving crackdown
Tough new enforcement action to crackdown on uninsured drivers has been unveiled by Transport Secretary Alistair Darling.
Cologne Re Dublin downgraded by AM Best
AM Best has downgraded the financial strength rating to A- (Excellent) from A++ (Superior) and the issuer credit rating to “a-” from “aa+” of Cologne Reinsurance (Dublin). (CRD). All ratings have been placed under review with negative implications.
AM Best affirms and withdraws ratings of Rosemont Re
AM Best Co. has affirmed the financial strength rating (FSR) of B (Fair) and issuer credit rating (ICR) of “bb“ of Rosemont Re. Both ratings have a negative outlook. Subsequently, the ratings will be withdrawn and an FSR rating of NR-4 (Company Request)…
JLT launches OneHealth
JLT has launched OneHealth, an integrated solution to reduce the cost of sickness, absence and employee health protection, focused on the SME sector.
Hurricane damage to keep rising, claims GE
The amount of damage that hurricanes inflict will continue to rise, along with their frequency and severity, according to speakers at a recent Hurricane Symposium in London held by The Insurance Leadership Institute of GE Insurance Solutions.
Markel reports hurricane losses
Markel Corporation has reported losses of $254m from Hurricanes Katrina and Rita.
Robert Childs picked to run $500m Hiscox Bermuda
Hiscox today confirmed the establishment of Hiscox Bermuda and rights issue aimed at raising £170 million to finance the launch
Hiscox to follow Amlin in Bermuda rush
Hiscox will announce plans for a Bermuda-based reinsurer tomorrow, hot on the heels of rival Amlin which promised to launch Amlin Bermuda for the beginning of the 2006 renewal season.
Alex Forbes PI staff in dramatic U-turn
The attempt by a rival start-up company to attack Alexander Forbes Professions has been thwarted, the broker announced today. It claims nearly half the 28 staff tipped to leave have now committed to the company.
FSA to begin GI regulation review next April
The Financial Services Authority has set out further details of its post-implementation reviews of the mortgage and general insurance regimes. The general insurance review will begin in April 2006
Berkshire Hathaway takes $2.99bn catastrophe hit to 3Q earnings
US reinsurance giant Berkshire Hathaway has reported a massive $2.99bn hit to third quarter earnings arising form Hurricanes Katrina and Rita. The losses, which are reported as those incurred as of September 30, 2005, hit Berkshire Hathaway Reinsurance…
2005 energy market “worst” ever claims Aon
2005 has been the worst year on record for the energy insurance industry, but the market is capable of weathering the storm according to Aon.
Link in French expansion
Link Insurance Company, the Gibraltar based insurer, has started writing motor business in France.
Rating thumbs up for new Bermudian reinsurer
AM Best has assigned a financial strength rating (FSR) of A-(Excellent) and an issuer credit rating of "a-" to new Bermudian reinsurer New Castle Re. Both ratings have been assigned a stable outlook.
Alea hikes Katrina loss as search for buyer continues
Bermudian (re)insurer Alea Group Holdings has confirmed that talks with potential buyers for the ailing group are ongoing as it revealed shrply higher loss estimates arising from catatrophe losses and further progress towards rationalisation of its…
Munich Re posts Q3 profit
Munich Re has announced that despite the massive natural catastrophe losses that have pummelled the market, it made a profit of €513m for the third quarter of 2005.
RSA calls for government action over floods
Insurer Royal & Sun Alliance has issued a report calling on the UK government to act over flood risks in the UK.
Fitch downgrades Montpelier Re ratings two notches
Fitch has downgraded the long-term and senior debt ratings of Montpelier Re to 'BB' from 'BBB-' and the insurer financial strength (IFS) rating of Montpelier Reinsurance to 'BBB' from 'A-'. All ratings remain on Rating Watch Negative.
SEIB signs new contract with Misys
South Essex Insurance Brokers, a specialist in Equine insurance, have signed a new contract with Misys, following an IT review. The deal will involve a combination of Misys’ BROOMS back-office and specialist software to cater for SEIB schemes going…
Fortis beats five to win Post Office business
Fortis Insurance has secured a further 2-year contract to underwrite the Post Office travel insurance product. The reappointment, commencing January 2006, follows an extensive appraisal by Aon, Post Office’s appointed broker, of offerings and…
Willis signs up Scottish partner
The Willis Commercial Network has recruited another member to its successful Network by signing up Commercial & Agricultural Insurance Brokers of Arbroath.