Reinsurance
AM Best places 'several' insurers' ratings under negative reveiw on uncertainty of Florida Cat Fund
AM Best has placed several insurers’ ratings under review with negative implications "based on the considerable credit market contraction and the uncertainty regarding the Florida Hurricane Catastrophe Fund’s (FHCF) ability to fund its claims-paying…
Renaissance Re reports Q3 loss of $143.4m
Renaissance Re recorded an operating loss of $143.4m for the third quarter of 2008, compared to $167.8m for the same period last year, due to a $276m negative impact from hurricanes Gustav and Ike, and negative investment results of $93.3m.
Ace Q3 net income slips 92%; CEO Greenberg says soft market is 'over'
Ace's third quarter net income slipped 92% to $54m from $656m this time last year, but CEO Evan Greenberg was confident about the year ahead for the reinsurance industry.
Zurich estimates hurricane losses at $600m
Zurich Financial Services Group has said that based on preliminary estimates it expects aggregate claims payments related to hurricanes Gustav and Ike of approximately $600m before tax.
Swiss Re says not in talks with Swiss government about bailout
Swiss Re has denied it is in talks with the Swiss government about a possible bailout.
Third quarter results reveal £1.9m loss for Advent
Advent has reported a profit after tax of £26 000 for the first three quarters of 2008 compared to £7.8m in the same period last year.
WR Berkley forms Berkley Offshore Underwriting Managers
W. R. Berkley Corporation, the US (re)insurer, said it has formed Berkley Offshore Underwriting Managers.
Baden Baden: Munich Re says market is hardening
(BestWire) During the Baden-Baden Rendez-Vous event, Munich Re said it believes the reinsurance market is hardening, thanks partly to the recent financial turmoil.
Axis Capital reports Q3 $249m loss
Axis Capital, the Bermudian (re)insurer, reported a loss of $249m in the third quarter of the year, down from a net income of $270m in the same period last year.
Hardy reveals hurricane exposure
Lloyd's insurer Hardy Underwriting has estimated that its combined claims exposure for hurricanes Ike and Gustav , after reinsurance and reinstatement premiums, is $23m.
Baden-Baden: - Lloyd's Tolle warns of underwriting shake-up
Rolf Tolle, Lloyd’s franchise performance director told delegates at an XL briefing at the reinsurance gathering in Baden Baden this week: “We are at the end of maybe the longest period of economic growth and, I have to say, of “cheap money” driving that…
Lancashire boss in no doubt "the market has turned"
Lancashire has reported a net operating loss of $105.7m ($119.4m after tax) for the third quarter of 2008.
Weak pound leads Hiscox to increase capacity
Hiscox has said it will not decrease the capacity of Hiscox Syndicate 33 at Lloyd’s to £550m as previously planned and will increase it to £750m for the 2009 account.
Arch Capital sees income dip in 2008
Bermudian insurance group Arch Capital saw its third quarter net income fall to $26.4m, compared to $199.7 m in 2007. For the first nine months of 2008 Arch Capital's net income fell to $408.1m, from $597.7m last year.
RMS: Ike the third largest hurricane loss ever after estimate update
Risk Management Solutions has updated its estimate for US onshore and offshore insured losses from Hurricane Ike to $13-21 bn, of which $10-15bn is estimated for wind and storm surge in Texas and Louisiana.
Montepelier gets thumbs up for Lloyd's managing agency
Montpelier Re has confirmed it has received approval from the Financial Services Authority and Lloyd's to establish a wholly-owned Lloyd’s Managing Agent subsidiary, Montpelier Underwriting Agencies which will assume the management of Montpelier…
Montepelier Re sees $55m operating loss
Montpelier Re has recorded an operating loss of $55m for the third quarter of this year. The company said the loss reflected a combined net financial impact from Hurricanes Gustav and Ike of $130m.
Transatlantic records third quarter loss - no sale news
Transatlantic Holdings has recorded a net loss for the third quarter of 2008 of $107.5m, compared to net income of $141.7m in the same quarter last year. Net income for the first nine months of 2008 totalled $97.9m compared to $374.6m in the first nine…
Allstate hit by operating loss of $190m
Giant US insurer Allstate has recorded an operating loss of $190m on the back of $1.8bn in disaster losses inlcuding losses from hurricanes Ike and Gustav and falling investments. The company's shares slipped by up to 11% in the wake of the results,…
Arch Capital recruits new CFO from ING
Bermuda-based Arch Capital's chief financial officer John Vollaro will leave the role on 1 April next year, but will continue with the company as a senior advisor until 2012. He will be succeeded by John Hele, currently CFO of ING Group.
Lloyd's CEO: hurricane losses underestimated
Lloyd's representatives expect the market insured loss for the recent hurricanes to be higher than m...
Scott retires from legal firm
Peter Scott has retired from Scott Rees & Co Solicitors in Skelmersdale, which he co-founded with Da...
Kenya Re fraud action results in ratings boost
Ratings agency AM Best has revised the outlook to stable from negative and affirmed the financial strength rating of B+ (good) and the issuer credit rating (ICR) of “bbb-” of Kenya Reinsurance Corporation..
Argo Group to launch Argo Financial
Argo Group, the Bermuda-based (re)insurer,announced that it is launching Argo Financial.