Reinsurance
Hardy joins growing ranks
Lloyd's insurer Hardy has joined the growing ranks of companies admitting they may seek further capa...
UK insolvencies rife, claims report
The UK insurance industry was given a clean bill of health this week, despite research suggesting it...
Katrina legal battle looms
Hurricane Katrina is still very much the talk of the insurance market, from Monte Carlo to London to...
Alea's sale decision is "understandable"
Alea's decision to consider putting itself up for sale is understandable, according to a ratings ag...
FSA warns of losses from Hurricane Katrina
The Financial Services Authority has written to and e-mailed wholesale insurers amid concerns over l...
Lloyd’s predicts £1.4bn loss from Katrina
Lloyd’s has issued a provisional estimate for the market’s net loss as a result of Hurricane Katrina of £1.4bn.
Plumeri calls for action on TRIA
Joe Plumeri, chairman and chief executive of Willis Group, has issued a rallying cry for the extension of TRIA and for changes to the way that (re)insurance is regulated in the US.
Xchanging and RI3K announce contract certainty deal
RI3K and Xchanging have announced a new initiative to allow early checking of contracts online.
Greenberg cites Ace loss at between $450m and $550m
Ace president and chief executive officer Evan Greenberg has predicted that the loss of Hurricane Katrina will not be known for some time.
Kiln reports leap in profits
Lloyd’s insurer Kiln this morning reported that it had earned record profits before tax of £34.3 million, an increase of 24% on the same period last year (2004: £27.6 million) on gross written premiums of £195.1m (2004: £162.4m).
Omega estimates Katrina will cost it less than Florida hurricanes
Omega today said Hurricane Katrina would have a "negligible effect" on its 2005 results.
Monte Carlo: Lloyd's could suffer downgrade blow
Ten insurance and reinsurance groups, including Lloyd's, Swiss Re and Ace European Group have been placed on creditwatch with negative implications by Standard & Poors. The decision was made late last Friday night because of their 'exposure to the…
Catlin results show profit surge
Catlin has announced record net income for the six months ended 30 June 2005.
Swiss Re doubles its own Katrina estimate
Swiss Re today announced that it now expects the total insured loss from Hurricane Katrina for the insurance industry to be in the range of USD 40 billion. Accordingly, Swiss Re estimates its own claims to be in the range of USD 1.2 billion.
Willis boss warns industry faces judgement
Joe Plumeri, Willis group chairman and CEO, today called on the industry to recognize the confluence of eventsimpacting our industry as “our defining moment”.
Katrina impact on property reinsurance market still uncertain
Hurricane Katrina could be the largest property loss ever recorded in the global reinsurance market, according to Aon.
Hiscox reports jump in half year profits despite drop in business
Hiscox this morning reported a higher half year profit profit of £88.1m for 2005 (2004:£60.3m) on less gross premiums written of £437.2m (2004: £489.0m). The insurer added its UK profits doubled to £21.1m.
SVB assumes £25m hurricane loss
Lloyd's managing agent SVB has given its provisional loss estimate from hurricane Katrina. It said its current expectation net of reinsurance and reinstatement premiums will be around £25 million - based on a market insured loss estimate of $40bn
Heritage puts Katrina loss at £28 million
Heritage Underwriting Agency Plc, managing agency of syndicate 1200, this morning said it believes that it is still very early to make a reliable estimate on the syndicate’s hurricane losses.
Alea may sell up
Insurer/reinsurer Alea said it will consider selling the group after it was downgraded by Standard & Poor's to BBB+ from A-. The outlook on the rating is negative.
Groupama ratings affirmed
A.M. Best has affirmed the financial strength rating of A (Excellent) and the issuer credit rating (ICR) of “a” of Groupama and its rated subsidiaries, Groupama Vie and Groupama Transport.
Katrina ups claims settlement pressure
Insurance companies are likely to come under political pressure to pay claims arising from Hurricane Katrina early and without dispute, according to Robert Cooney, president and chief executive officer of Bermuda-based Max Re.
Benfield take a "longer term view" as profit and revenue drop
Reinsurance broker Benfield this morning reported a drop in group operating revenue to £196.2m (H1 2004: £204.9m). Its profit also fell to £82.0m (H1 2004: £95.5m).
Katrina may see capacity cut rethinks
London Market News