Reinsurance
Brit mulls side-car venture to re-enter retro
In its preliminary 2005 results statement, Lloyd’s (re)insurer Brit has reconfirmed that it pulled out of the Cat retrocession market at the 1st January renewals. However, Brit confirmed that it may soon be back in what it sees as an attractively priced…
Converium announces 2005 profit
Converium has announced that it made a profit of $68.7m in 2005.
Munich Re claims record profit
In its anniversary year, with a stable premium base, the Munich Re Group has announced that it achieved a record profit of over €2.7bn in 2005.
American Re reports heavy 2005 loss after $1.4bn charge
Munich Re’s US subsidiary American Re has reported a 2005 GAAP net loss of $1,558.8m, primarily a result of the $1.4bn addition to the Company’s net loss and loss adjustment expense reserves recorded during the second quarter.
Beazley squeezes out profit
Lloyd's insurer Beazley announced its annual results this morning, with the group managing to retain profitability despite hurricane losses.
Lancashire loses retro underwriter, gains deputy CUO
Bermudian start-up (re)insurer Lancashire has announced that J. Alex Richards, currently retrocession underwriter and vice president of Lancashire will leave the company by mutual consent effective 1 April. The move comes after Bryan Bumsted, previously…
Catlin battered but unbowed by 2005
Bermudian (re)insurer Catlin has announced that profits from 2005 were sharply down on the back of substantial losses from the Atlantic hurricane season that carved a trail of devastation through the area.
Benfield predicts 10%+ growth for 2006
Benfield has announced a profit of £34.8m over 2005, up 12% on the £31m it made the previous year and confirmed expectations of revenue growth above 10% in its core reinsurance intermediary business in 2006.
Brokerbility buys another broker
Intermediary consolidator Brokerbility has continued its growth strategy with the addition of a Linc...
Are the good times over?
The life of a London market broker is not what it used to be. Long lunches, fat commissions, a job f...
Annual letter to Berkshire Hathaway shareholders
In his annual letter to shareholders, the chairman of reinsurer Berkshire Hathaway, Warren Buffett, ...
Appointment at Integro
Integro has made Thomas Biggio and Allison Ast principals at its Chicago office. Mr Biggio has 30 ye...
Appointment at GAB Robins
Trevor Cameron has become managing director, London market at GAB Robins. He will be responsible for...
Appointment at Towergate
Victoria Hague has joined Towergate in the newly created role of integration manager. Ms Hague will ...
Hannover Re Praetorian launch puts US specialty future in doubt
Global reinsurer Hannover Re has announced that all its US specialty business is to be transferred from Clarendon Insurance Group to a new company called Praetorian Financial Group. However, the cryptically worded statement casts doubt as to Hannover's…
Consolino appointed CFO of Validus
Validus Holdings, has announced that Joseph E. (Jeff) Consolino has been appointed chief financial officer and executive vice president of the Company and its wholly-owned subsidiary, Validus Re. Mr Consolino will relocate to Validus’ headquarters in…
$3.4bn 2005 windstorm losses blunt Berkshire Hathaway’s risk appetite
In his annual letter to shareholders, the chairman of reinsurer Berkshire Hathaway, Warren Buffett, has revealed that his company took $3.4bn in hurricane losses in 2005 and will be seeking much higher prices for Cat business in 2006.
Cat losses push AWAC to a 124% combined ratio for 2005
Bermudian (re)insurer Allied World Assurance Holdings (AWAC) has blamed property catastrophe losses for a combined ratio of 124% for the 2005 calendar year, set against a ratio of 95.9% a year earlier. The company also reported an an 8.6% decline in…
Allstate drops coverage level in New York
Allstate has said that it wasn't renewing some of its homeowners' policies in the New York City area for fears that a major hurricane could strike in the area, leaving the insurer overexposed.
Quanta hit by further downgrades
Quanta’s problems continue after AM Best downgraded the company’s financial strength ratings (FSR) to B++ (Very Good) from A- (Excellent) and the issuer credit ratings (ICR) to "bbb" from "a-".
Troubled Quanta loses A rating: plans wholesale restructuring
In a stark fourth quarter earnings release, Bermudian (re)insurer Quanta Capital Holdings has announced that it is to be downgraded by AM Best and will be seeking immediate cost cuts as well as the sale of some or all of its business units. The option of…
Amlin set for record profits
Amlin has forecast record profits for its 2003 syndicate year of account and indicated its result for the year ended 31 December 2005 will be materially ahead of market expectations.
Advent hopes for upturn
Catastrophe reinsurance specialist Advent has banked on 2006 returning the business to profitability...
Chaucer forecast for 2005
Lloyd's insurer Chaucer has forecast its 2005 performance range will be between a 5% loss and a 5% p...