Reinsurance
Modelling the Future
What risks are on the horizon for the modelling industry? Marc Jones takes a look
Endurance takes $85m Rita hit
Bermudian (re)insurer, Endurance Specialty Holdings has announced its initial estimates of losses, net of reinsurance, reinstatement premiums, and tax benefits related to Hurricane Rita to be approximately $85 million. Endurance estimates its gross…
PXRE to tap the markets for $475m
PXRE Group Ltd today announced it would be raising $475m in new capital by way of a $100m common stock offering and a $375m private sale of preference shares. <The NYSE-listed Bermudian reinsurer said it has agreed to sell 375,000 of its series D…
Katrina & Rita knock PXRE for $230m-$320m 3Q loss
Bermudian property catastrophe reinsurer PXRE has announced that its preliminary estimate of the net impact from Hurricane Rita is between $30 million and $40 million, after tax, reinsurance recoveries on its outwards reinsurance program and the impact…
Winners and Losers: Post Magazine's monthly round-up of job cuts and gains
Benfield formally launches its new primary broking operation, Benfield Corporate Risk, with 120 staf...
Standard and Poor's lowers its public-information assessment
Standard and Poor's has lowered its public-information Lloyd's Syndicate Assessment on Advent's synd...
US loss adjusters may need UK help
The UK loss adjusting industry could be called upon by its US counterpart for emergency help if anot...
Appointment at Heath Lambert
Heath Lambert has made Mark Hardinge chief executive of the group's financial and professional risks...
Appointment at Integro
Integro has hired Robert Dunn to head up its Montreal office. Mr Dunn has 30 years' experience in th...
Katrina wipes out Brit’s 1st half profits
Brit Insurance Holdings has announced a preliminary estimate of £145m for claims arising from Hurricanes Katrina, Rita and the New Orleans flood (NOF). The company said the figure comprises £125m for Katrina/NOF and £20m for Rita, net of reinsurance…
S&P blow for reinsurers
Standard & Poor's has revised its outlook on the global reinsurance industry to negative from stable. The negative outlook implies that downgrades are expected to outnumber upgrades in the remainder of 2005, although the agency predicted that the number…
Atrium reveals profits drop
Atrium has announced reduced profits for the first half of 2005. The Lloyd’s insurer reported profits before tax at £13.7m compared to £15.7m for the same period last year.
Munich Re revises Katrina loss upwards
As the full extent of the devastation caused by Hurricane Katrina has gradually emerged, natural catastrophe risk management specialists and other companies have revised their loss estimates upwards. Experts from Munich Re and American Re have now also…
IPC expects to take $350m-$600m Katrina hit to earnings
IPC Holdings has announced that it anticipates the net impact of Hurricane Katrina losses on net income in the third quarter to be in the range of $350 million to $600 million.
Rita loss estimates unveiled
AIR Worldwide Corporation has estimated that Hurricane Rita will result in insured losses between $2.5bn and $5bn, far lower than the bill from Hurricane Katrina.
A.M. Best lists insurers vulnerable to Hurricane Rita
A.M. Best has begun to assess the potential financial impact Hurricane Rita may have on the general insurance and reinsurance industry.
Katrina ‘most costly event’ for global insurance industry, claims S&P
Hurricane Katrina will most likely prove to be the most costly event ever to hit the global insurance industry, according to Standard & Poor’s.
Rita upgraded to Cat 5
Hurricane Rita has been upgraded to a category 5 storm as it headed over the Gulf of Mexico with top sustained winds of 165 mph.
AM Best hints of greater leniency
AM Best has hinted at greater leniency towards Lloyd's and has opted to maintain its financial stren...
Chaucer reports increase
Lloyd's insurer Chaucer has reported an increase of 19% in gross written premium to £263.3m and a pr...
Goshawk announces a net loss
Goshawk has announced a net loss of $500,000 (£277,000), a fall of more than $9m on its first half p...
Brokers given days to get Katrina info
Confusion over Lloyd's exposure to Hurricane Katrina is being exacerbated by the fact records of bi...
SVB moves into the black
Lloyd's insurer SVB has reported an upturn in its fortunes with a £19.2m profit for the first half o...
Tolle: marine business could suffer
Marine business at Lloyd's could suffer after the effects of Hurricane Katrina mean that capacity i...