News
Quanta takes big 3Q hit and confirms property pullout
Bermudian (re)insurer, Quanta Capital Holdings, has reported that its net loss for the third quarter of 2005 was $59.1m and has conformed that it is withdrawing from property underwriting to concentrate on specialty lines. The hit to earnings compares to…
XL takes $1bn 3Q loss, unveils deal with new cat reinsurer
Bermudian reinsurer XL Capital has reported a net third-quarter loss of $1,049.2m, or $7.53 per ordinary share, compared with net income of $22.5m, or $0.16 per ordinary share, for the same period in 2004.
SVB estimates £5-£10m Wilma losses
SVB has conducted a preliminary assessment of the impact of Hurricane Wilma which made landfall on the US on 24 October. The company's initial estimate of the loss arising from this event, net of reinsurance and reinstatement premiums, is £5 million - …
Amlin to open Bermuda doors in New Year
Lloyd's insurer Amlin has announced the formation of the much touted Amlin Bermuda, a new wholly-owned US$1 billion reinsurance company and £224 million fully underwritten Rights Issue. Amlin Bermuda• Formation of a new wholly-owned reinsurance company…
Aspen sells shares to Lehman Brothers
Aspen Insurance Holdings announced that it has agreed to sell 17 551 558 ordinary shares to Lehm...
Max Re Capital plugs market for additional cash
Max Re Capital has joined the increasing list of companies raising new capital after Hurricane Katri...
Stop Press! Baden-Baden news
This year's meeting of the (re)insurance industry in Baden-Baden was overshadowed by Katrina and Wil...
AM Best condemns Rosemont Re to near-certain run-off
AM Best has downgraded the financial strength rating of Rosemont Re three notches to B (fair) from A...
The real reason behind the rush to capitalise
Mark Geoghegan reappraises the market as a truer picture of Katrina's after-effects emerges
ACE fund-raising continues
ACE has announced that Citigroup Global Markets and Goldman Sachs have exercised their option to pur...
Glacier Re raises capital to pay for hurricane damage
Glacier Re has declared that existing shareholders have subscribed for additional equity of $100m th...
Former Gen Re CEO gets Wells Notice
Berkshire Hathaway has said the former chief executive of its General Re unit could face action from...
AIG executive arrested for bribery
An executive in an investment branch of American International Group (AIG) has been indicted on ...
Fitch changes German outlook
Fitch Ratings has changed its outlook on German life insurers to 'stable' from 'negative', reflectin...
Capita confirms partnership with The Claims People
Capita Insurance Services has confirmed that it has agreed an alliance with The Claims People Group as reported by Post Magazine last week related to its volume loss adjusting provision.
Crawford meets Carlisle victims
Loss adjusters from Crawford & Company have attended a meeting for victims of the Carlisle floods.
Takaful Re appoints board
Following its inaugural first Board Meeting, Takaful Re has announced the appointment of its chairman, vice chairman, chief executive and chief financial officer.
Katrina hits Max Re Capital Q3 results
Max Re Capital has reported a net loss for the three months ended September 30, 2005 of $41m, compared to a net loss of $9m for the three months ended September 30, 2004.
New Financial Services Academy given green light
Education secretary Ruth Kelly and Trade and Industry secretary Alan Johnson announced today that the Financial Services Skills Council has been successful in its bid to create a National Financial Services Academy.
AM Best affirms Partner Re France rating
AM Best has affirmed the financial strength rating of A+ (Superior) and the issuer credit rating of “aa-” of PartnerRe S.A. (PartnerRe SA) (France). The outlook on both ratings remains stable, in line with the outlook of its ultimate parent company…
Hiscox profit hit by revised hurricane hits
Hiscox said this morning that its estimated loss from Hurricane Wilma was $45m. It has also revised its estimates from previous hurricanes. Hurricane Katrina is now estimated to have cost $125m, up from $15m, although estimated loses from Hurricane Rita…
AIG Europe introduces new product
Insurer AIG Europe (UK) claims it will ‘revolutionise’ group personal accident and travel insurance with the introduction of its new product, lifeline plus.
Capita enters exclusive talks over loss adjusting arm future
Loss adjuster The Claims People has revealed that it has entered into talks with Capita Insurance Services with regards to "the provision of volume loss adjusting services".
Allianz Cornhill opens new office
Allianz Cornhill has opened a new commercial sales office in Cardiff. The base will source and handle new business enquiries with existing business continuing to be administered in Bristol.