Reinsurance
Talbot announces loss
Lloyd's underwriter Talbot, which manages Syndicate 1183, has announced a loss of £3.8m for the 2005...
PXRE loses 33% of business — expects worse to come
Bermudian reinsurer PXRE has admitted to losing a significant portion of its book of business to downgrade-clause cancellations and fears more lost business to come.
AM Best affirms Lancashire after due diligence on new underwriters
AM Best has affirmed the financial strength rating (FSR) of A- (Excellent) and the issuer credit rating (ICR) of "a-" of Bermudian start-up (re)insurer Lancashire Insurance Company. Concurrently, AM Best has affirmed the ICR of "bbb-" of Lancashire…
Olympus Re to work without a rating after downgrade
AM Best has downgraded the financial strength rating (FSR) to B- (Fair) from B+ (Very Good) and the issuer credit rating to "bb-" from "bbb-" of Bermudian reinsurer Olympus Re and removed both ratings from under review. The ratings have been assigned a…
Omega bucks Lloyd’s trend with healthy profit for 2005
Omega Underwriting, the Lloyd’s managing agent and Bermudian start-up (re)insurer has unveiled 2005 profits of £6.8m, with no material impact from hurricanes Katrina, Rita and Wilma.
Benfield sells employee benefits arm to SBJ
Benfield Group has announced the sale, subject to the approval of the UK Financial Services Authority, of the Orbit group of companies to SBJ Group Limited. The proceeds of the sale will be approximately £4.5m.
SBJ makes Benfield acquisition
SBJ Group has announced the acquisition of Orbit Benefits Limited, Orbit Interactive Limited, Orbit Protection Limited and TIMA Tools Limited (“Orbit”) from Benfield Holdings Limited (“Benfield”).
Hannover Re may shun retro in 06
Hannover Re has said that it may sidestep the traditional retrocession market altogether as the 1st May renewal of its main retro programme looms.
AM Best affirms Steamship Mutual’s ratings
AM Best has affirmed the financial strength rating of A- (Excellent) and assigned an issuer credit rating of “a-” to The Steamship Mutual Underwriting Association (Bermuda). The outlook for both ratings is stable.
Hannover Re announces “breakeven” 2005 results
Hannover Re has said that it achieved a “breakeven” result for 2005, despite what it described as “an unparalleled burden of natural catastrophe losses” for international reinsurers.
Wellington plunges into the red
Wellington Underwriting has produced a pre-tax loss for the past financial year, after £140m in hurr...
Appointment at Cooper Gay and Cashman
Cooper Gay and Cashman (Minneapolis) and Cooper Gay Group (London) has appointed Teresa Finkes as a ...
Taken at the flood
Mapping and Modelling
Montpelier Re CUO retires, immediately replaced
Bermudian reinsurer Montpelier Re has announced that its chief underwriting officer (CUO), C. Russell Fletcher III, is retiring from the company with immediate effect. Fletcher was a founding member of the class of 2001 monoline Cat specialist and is a…
Lancashire reports $947m in shareholders' equity at 31/12
In a financial statement for the 2005 calendar year Bermudian start-up (re)insurer Lancashire has reported shareholders' funds of $947m at year end.
Wellington reports £26m loss
Wellington Underwriting has produced a pre-tax loss for the last financial year, after massive hurricane losses put its business into the red. In a statement this morning, the group's chief executive, Preben Prebensen, said:
GuyCarp poaches Benfield exec for Australasian operations
Guy Carpenter has announced the appointment of Ray Carless as executive chairman of its Australia, New Zealand and Pacific operations, effective March 27. He will be based in Sydney and will report to Martin Burrough, CEO of the Asia Pacific Region.
Munich Re announces record profit
Munich Re announced a record profit of EUR2.7bn (£1.9bn) in 2005, an increase on 2004's EUR1.9bn fig...
Benfield reports profit
Broker Benfield reported a profit of £34.8m in 2005, up 12% on the £31m it made the previous year an...
Appointment at Claim Experts
The board of Claim Experts has appointed two new directors: John Carpenter and Mike Nelson-Smith. ...
Courts reluctant over duty of parental care
AD and OH (a child: by AD his litigation friend) v Bury Metropolitan Borough Council, (Court of Appeal - 17 January 2006)
Clouds over troubled waters
Energy market
Lancashire 'A' rating in balance following key underwriter departure
Bermudian start-up (re)insurer Lancashire has had its financial strength rating of A- (Excellent) and its issuer credit rating of bbb- placed under review with negative implications by AM Best.
Validus opens $300m credit facilites
Bermudian start-up reinsurer Validus has announced that it has entered into syndicated credit agreements ammounting to $300m with a syndicate of lenders. The deal consists of a $100m senior unsecured 364-dday revolving credit facility and a $200m senior…