Reinsurance
2005 energy market “worst” ever claims Aon
2005 has been the worst year on record for the energy insurance industry, but the market is capable of weathering the storm according to Aon.
Alea hikes Katrina loss as search for buyer continues
Bermudian (re)insurer Alea Group Holdings has confirmed that talks with potential buyers for the ailing group are ongoing as it revealed shrply higher loss estimates arising from catatrophe losses and further progress towards rationalisation of its…
Munich Re posts Q3 profit
Munich Re has announced that despite the massive natural catastrophe losses that have pummelled the market, it made a profit of €513m for the third quarter of 2005.
Fitch downgrades Montpelier Re ratings two notches
Fitch has downgraded the long-term and senior debt ratings of Montpelier Re to 'BB' from 'BBB-' and the insurer financial strength (IFS) rating of Montpelier Reinsurance to 'BBB' from 'A-'. All ratings remain on Rating Watch Negative.
Munich Re ICR downgraded by AM Best
AM Best has downgraded to “aa-” from “aa” the issuer credit rating (ICR) of Muenchener Rueckversicherungs (Munich Re) (Germany).
Moody’s affirms CNA ratings
Moody's Investors Service has affirmed the Baa3 senior debt rating of CNA Financial Corporation and the A3 insurance financial strength ratings of Continental Casualty Company and its rated pooled and reinsured property/casualty insurance affiliates. The…
Katrina losses rise as Chaucer ups 2006 capacity
Lloyd’s (re)insurer Chaucer has increased its Hurricane Katrina loss estimate from £35m to £47.5m and is to increase its 2006 capacity to £450m from £400m in 2005.
Converium to restate profits
Converium has announced that it is to restate its profits as it carries out an extensive internal review of certain reinsurance transactions and engaged outside counsel to assist the Company. Converium has reported substantial progress in this internal…
Moody’s affirms Chubb ratings
Moody's Investors Service has affirmed the A2 senior debt rating of The Chubb Corporation, and the Aa2 insurance financial strength rating of its principal insurance subsidiaries, namely Federal Insurance Company and its affiliated pool members. The…
Goshawk breaches banking covenants
Troubled Bermudian (re)insurer Goshawk has announced that it has breached “certain of its banking covenants”. The firm says it is “working closely with its lenders in order to resolve the position going forward”.
Montpelier Re reveals massive hurricane losses
Montpelier Re Holdings has reported a net loss of $875.1m for the three months to September 30, 2005 and a net loss of $691.9m for the first nine months of 2005.
Richard Brindle to head $750m-$1bn Lancashire Bermuda start-up
Reinsurance Magazine has learnt that Richard Brindle, previously a star underwriter with Charman underwriting at Lloyd’s before its 1998 acquisition by ACE, is to start a new short-tail reinsurer on Bermuda.
Rating agencies downgrade RenRe
Moody's Investors Service has lowered the senior debt rating on RenaissanceRe Holdings to Baa1 from A3 and the insurance financial strength rating of Renaissance Reinsurance to A2 from A1.
XL struck by Hurricane losses
Bermudian reinsurance giant XL Capital confirmed the market's fears this week when it announced a ne...
Government risk plans are ineffective for floods claims
I read with interest last week's Claims Supplement, particularly the articles 'Stories from the Stor...
Here, there and everywhere
Many UK brokers mistakenly believe environmental liability insurance is the preserve of experts. Tony Lennon tells Ed Vinales why Hurricane Katrina is likely to raise its profile
Lloyd's insurer SVB makes initial estimate
Lloyd's insurer SVB has made an initial estimate of £5m to £10m in losses arising from Hurricane Wil...
Hiscox reveals its estimated loss from Hurricane Wilma
Hiscox has revealed that its estimated loss from Hurricane Wilma is $45m (£25m). It has also revised...
Amlin to launch arm by year-end
Lloyd's insurer Amlin announced the formation of Amlin Bermuda, a new wholly owned US $1bn (£568m) r...
AM Best downgrades Endurance Specialty
AM Best has downgraded the financial strength rating (FSR) to A- (Excellent) from A (Excellent) and the issuer credit rating (ICR) to "a-" from "a" of Endurance Specialty Insurance and its operating affiliates.
AM Best downgrades “monoline” IPC, despite $600m fund-raising
AM Best has downgraded the financial strength rating of Bermudian reinsurer IPC Holdings to A (Excellent) from A+ (Superior) and issuer credit ratings (ICR) to ‘a’ from ‘aa-‘. The rating action applies to IPCRe Limited (Bermuda) and IPCRe Europe Limited…
Increased hurricane losses may push Axis to a full-year loss
Bermudian (re)insurer AXIS Capital Holdings has reported a net loss for the third quarter of $468.1m compared with net income of $6.3m in the same quarter of 2004.
Swiss Re announces hurricane losses
Swiss Re has admitted that, that based on current estimates, it expects its aggregate claims for hurricanes Rita and Wilma to be approximately $750m.
SEC probe sparks RenRe resignations
RenaissanceRe Holdings has announced the resignation of James N. Stanard, chairman and chief executive, following the ongoing investigations resulting from the company's restatement of its financial results earlier this year.