Reinsurance
A.M Best affirms FMI rating
A.M. Best Co has affirmed the financial strength rating of A+ (Superior) of FM Insurance Company Limited (FMI) (United Kingdom). It has stated that the rating outlook remains stable.
Wellington losses helped by favourable 2004 developments
Wellington Underwriting has updated its estimate of the impact of losses sustained from hurricanes Katrina, Rita and Wilma in 2005.
New Don Kramer company to be called Ariel Re
Reinsurance magazine can reveal that Don Kramer’s new $1bn Bermudian reinsurance operation is to be called Ariel Re and will retain a significant proportion of the infrastructure and staff of the remains of Rosemont Re, from which it has been formed.
Moody’s report looks at impact of Wilma
Moody’s has published a new report that concludes that the add-on losses of Hurricane Wilma - one of the most recent destructive hurricanes to hit the United States - will place incremental pressure on property & casualty insurers and reinsurers, but it…
Fitch affirms Hannover Re ratings
Fitch Ratings has affirmed Hannover Re’s and E+S Rueckversicherung AG's Insurer Financial Strength (IFS) ratings of 'A+'. At the same time, Fitch has affirmed Hannover Re's Long-term rating of 'A+'. The Outlook on these ratings is Stable.
Moody’s lowers Montpelier Re’s ratings
Moody's Investors Service has announced that it has lowered the credit ratings of Montpelier Reinsurance Holdings (senior debt to Baa3 from Baa2), and the insurance financial strength rating of Montpelier Reinsurance to Baa1 from A3. These rating actions…
Q3 2005 P/C losses hit record levels
Pummelled by Hurricane Katrina and six other natural catastrophes in the third quarter, US property/casualty insurers paid an all-time record $40.8bn to homeowners and businesses for insured property losses in 14 states, according to preliminary…
Wilma hits Platinum for $135m
Bermudian reinsurer, Platinum Underwriters Holdings has unveiled an initial preliminary loss estimate of approximately $135m from Hurricane Wilma. The estimate is net of reinstatement premiums, tax benefits and retrocessional recoveries.
PXRE estimates $75-$90m Wilma loss
Bermudian reinsurer PXRE Group has announced that its preliminary estimate of the net impact from Hurricane Wilma is between $75m and $90m, net of reinsurance, reinstatement premiums and tax. The Company's loss estimate assumes that the insured industry…
Hannover Re still in profit despite huge Q3 reserves
German reinsurer Hannover Re posted third quarter net income down 67.6% to €61.9m after facing up to net expenditure on major losses of €781.4m in the third quarter. The results were buoyed by a strong showing in the Life and Health books.
Bermuda is "creaking"
Robert Hiscox has told Post Magazine Bermuda is "creaking at the seams" with the number of reinsurer...
Alea reveals strategy
Alea has revealed it is continuing to pursue strategic alternatives to its current business structur...
Appointment at Benfield Corporate Risk
Benfield Corporate Risk has appointed an eight-strong global energy casualty team to improve its cap...
Aon says it has been a bad year
2005 has been the worst year on record for the energy insurance industry, according to Aon. The brok...
PXRE announces $300m collateralised reinsurance deal
PXRE has announced that it has entered into a $300m collateralised reinsurance agreement with Atlantic & Western Re, a Cayman Island reinsurance company.
Lloyd's Omega latest player to open in Bermuda
Omega Underwriting has announced a £90m share placing aimed at raising funds to open a new Bermudian subsidiary.
AIG discovers $500m hole in accounts
American International Group, (AIG) has announced it will delay the filing of its Form 10-Q for the quarter ended September 30, 2005 after discovering a number of errors that include a $500m hole in its accounts.
Integro opens Georgia office
Frank Kinnett has joined Integro to lead the firm's insurance brokerage operations in the Southeastern United States from a newly established office in Atlanta.
Fitch downgrades PXRE to BBB+
Fitch Ratings has downgraded the insurer financial strength rating on PXRE's lead operating subsidiaries, PXRE Reinsurance and PXRE Reinsurance Company, to 'BBB+' from 'A-'. Additionally, Fitch has downgraded the rating on PXRE Capital Trust I's…
RenRe’s Currie streamlines reporting with key promotion
In a move that unifies the oversight of both specialty and reinsurance lines into one position, RenaissanceRe Holdings has announced that Kevin O'Donnell has been promoted to president of its Renaissance Re subsidiary.
Hurricane damage to keep rising, claims GE
The amount of damage that hurricanes inflict will continue to rise, along with their frequency and severity, according to speakers at a recent Hurricane Symposium in London held by The Insurance Leadership Institute of GE Insurance Solutions.
Markel reports hurricane losses
Markel Corporation has reported losses of $254m from Hurricanes Katrina and Rita.
Hiscox to follow Amlin in Bermuda rush
Hiscox will announce plans for a Bermuda-based reinsurer tomorrow, hot on the heels of rival Amlin which promised to launch Amlin Bermuda for the beginning of the 2006 renewal season.
Berkshire Hathaway takes $2.99bn catastrophe hit to 3Q earnings
US reinsurance giant Berkshire Hathaway has reported a massive $2.99bn hit to third quarter earnings arising form Hurricanes Katrina and Rita. The losses, which are reported as those incurred as of September 30, 2005, hit Berkshire Hathaway Reinsurance…