Reinsurance
Lloyd's insurer Amlin estimates initital loss
London Market News
Swiss Re lands a gift horse
Swiss Re's purchase of GE Insurance Solutions means it has overtaken Munich Re to become the world's largest reinsurer. Mark Geoghegan reports on a market that is giving out contradictory signals
A balancing act
Commercial Property
Swiss Re poses questions
Speaking to Post Magazine this week, Allianz Cornhill chief executive Andrew Torrance mentions that ...
PXRE paves the way for further $500m capital raising
PXRE has announced that it has filed for the proposed offering of up to $700m of its securities with the Securities and Exchange Commission, including approximately $198m of its previously registered securities.
Moody’s downgrades XL Insurance, but XL Re affirmed
Moody's has downgraded the insurance financial strength ratings of XL's leading insurance operating subsidiaries, including XL Insurance (Bermuda) Ltd to Aa3 from Aa2 as well as the senior debt rating of XL Capital Ltd to A3 from A2 and has downgraded…
Endurance takes $115m hit from $12bn Wilma industry loss
Bermudian (re)insurer Endurance Specialty Holdings has announced a $115m estimated net loss from Hurricane Wilma . The estimate is net of reinsurance, reinstatement premiums, and tax benefits. Endurance added that its estimated gross lossesfrom the storm…
Integro acquires Lloyd's broker to enter UK market
Broker Integro today announced the acquisition of Lloyd's broker Humphreys Haggas Sutton & Co. HHS is a Lloyd's broker founded in 1994 by its three principals, Toby Humphreys, Simon Haggas and John Sutton.
AXIS raises $200m from common stock issue
Bermudian (re)insurer AXIS Capital has announced that it has closed the previously announced public offering of 6.8m common shares at $29.42 per share, raising aggregate net proceeds of approximately $200m.
AXIS taps Wall Street for a further $250m
Bermudian (re)insurer AXIS Capital Holdings has announced that it has agreed to sell $250m of preferred shares. AXIS says it intends to use the net proceeds for funding its insurance and reinsurance segments. A week ago the company announced that it was…
Amlin reveals $52m Wilma hit
Lloyd’s insurer Amlin this morning releases a trading update, including an improved forecast for Syndicate 2001 for the 2003 year of account and an initial loss estimate for Hurricane Wilma of US$52m.
Munich Re places €110m European windstorm cat bond
Giant reinsurer, Munich Re has announced the private placement of €110m of risk-linked securities to provide immediate protection against severe Western European windstorms.
Former Cox boss takes up CEO post as GoshawK board resigns en masse
Former Cox director Michael Dawson has taken over Goshawk as chief executive as part of a wholesale shake up.
US Senate passes TRIA extension bill
The US Senate has passed a bill to continue a program of federal guarantees to cover losses from terrorist attacks, pushing the program nearer to extension before it expires at the end of 2005.
New Number One reinsurer in the world – Swiss Re buys GE insurance business
Swiss Re has announced it has agreed to acquire GE Insurance Solutions, the fifth largest reinsurer worldwide, from General Electric Company (GE) in a $6.8bn transaction. The deal means that, as calculated in Reinsurance’s Top 50 tables, Swiss Re has now…
Markel International gets rating approval from AM Best
AM Best has affirmed the financial strength rating of A- (Excellent) and assigned an issuer credit rating of “a-” to Markel International Insurance Company (MIICL). The outlook for both ratings is stable.
Bermuda reinsurer deluge continues
Bermuda hedge fund management company West End Capital is about to launch a new reinsurer, Flagstone Reinsurance, according to Bermudan newspaper The Royal Gazette.
Rival bills for TRIA extension
In Washington two House and Senate panels have approved separate bills to extend federal guarantees to cover losses from terrorist attacks, pushing forward legislation that property owners and insurers call essential to the economy.
AM Best casts critical eye on Platinum ratings
AM Best has placed the financial strength rating (FSR) of A (Excellent) and issuer credit ratings (ICR) of “a” of the reinsurance subsidiaries of Platinum Underwriters Holdings, (Bermuda) under review with negative implications. Concurrently, AM Best has…
Moody’s rates Axis offering
Moody's Investors Service has assigned a Baa3 rating to the $200m Series B Preferred shares to be issued by AXIS Capital Holdings. The net proceeds from the offering are expected to be used for general corporate purposes. Additionally, Moody's has…
Troubled waters
US Overview 2005
Hiscox considers moving parent company to Bermuda
Lloyd's insurer Hiscox is considering moving its parent company to Bermuda. The company said: "The b...
Losses in the US hit all-time high
US general insurers have paid an all-time record $40.8bn (£23.5bn) to homeowners and businesses for ...
Brit Insurance announces claims arising from Hurricane Wilma
Brit Insurance has announced that claims arising from Hurricane Wilma, net of reinsurance recoveries...