Reinsurance
Arch reveals weather and investment losses
Arch Capital, the Bermudian (re)insurer, said that it expects pre-tax earnings for the 2008 third quarter to be negatively impacted by the effects of Hurricanes Gustav and Ike in the range of $105-180m, net of reinsurance and reinstatement premiums.
XL estimates Hurricane Gustav and Ike losses
XL, the Bermuda-based (re)insurer, has predicted preliminary loss estimates, pretax and net of reinsurance and reinstatement premium, related to Hurricane Gustav range from approximately $30-35m, and estimates for Hurricane Ike of $165-235m.
Heath Lambert pushes public relations strategy
Heath Lambert has appointed Elliot Lane to the new role of group public relations director.
Berkshire Hathaway, Lexington in reinsurance deal
AIG's Lexington Insurance Company said that it has arranged contingent property reinsurance cover from Berkshire Hathaway’s National Indemnity Company for Lexington’s real estate portfolio, as well as policies having limits of $250m or greater, policies…
Benfield launches new financial modelling tool
Benfield has launched a financial modelling tool that assists re/insurers to better quantify the risks inherent in their business in line with rating agency and solvency requirements.
Axis Capital reveals exposure to Lehman and AIG
Axis Capital has said that it has $34m of exposure to collapsed US investment bank Lehman Brothers, as well as $18m to the operating subsidiaries of AIG.
Axis Capital says Gustav, Ike exposure $310-430m
Bermudian reinsurer Axis Capital said that preliminary net loss estimates for Hurricanes Gustav and Ike range from approximately $310-$430m, net of reinstatement premiums.
Management consultancy firm offers new facility for credit hire industry
Validus-IVC has launched a specialist claims analysis and settlement facility for companies receiving credit hire and repair claims and has estimated that it could make annual savings of over £150m for motor insurers, solicitors and fleet operators by…
System calms cash fears
Norwich-based Validus-IVC has estimated its new claims analysis and settlements facility could save ...
Appointment at Endurance
Bermuda-based Endurance Specialty Holdings has made several leadership appointments in its internati...
Appointment at Guy Carpenter
Guy Carpenter has hired Cory Anger as head of global structuring for GC Securities, its investment b...
What the papers said this week
Guardian The Italian stock market regulator has banned short selling of bank and insurance stoc...
Buffett in $5bn Goldman Sachs stake, may rise to $10bn
Warren Buffett, the world-renowned investor and architect of General Re and GEICO owner Berkshire Hathaway, has paid $5bn for a stake in troubled US investment banking superpower Goldman Sachs.
Hurricanes Ike and Gustav could cost Swiss Re $300m
Swiss Re has said that US hurricanes Ike and Gustav, which ravaged the Gulf of Mexico in early September, could cost it around $300m.
Flagstone Re to buy back 5m shares via share repurchase facility
Bermuda-based insurer Flagstone Re said it is going to buy back 5m shares.
Max Capital estimates $35-50m of losses from Gustav and Ike
Bermuda-based (re)insurer Max Capital is exposed to net losses of $35-50m from Hurricanes Gustav and Ike, which ravaged the Gulf of Mexico earlier this month.
Montpelier Re says has $19m of bond exposure to Lehman
Bermudian reinsurer Montpelier Re says it has a senior debt securities exposure of $19m to collapsed US investment bank Lehman Brothers.
Ariel Re appoints new chief underwriter
Ariel Re, the Bermudian (re)insurer, said it has appointed Ryan Mather as chief underwriter for its property reinsurance division. In the newly-created role, Mather will continue to lead Ariel Re’s international property reinsurance business and will…
Hurricane Ike claims continue to skyrocket
(BestWire) — Claims from Hurricane Ike continue to skyrocket for the nation's largest property insurer but one catastrophe risk modeler has reduced its estimated onshore and offshore insured losses.
Lloyds insurers may benefit from AIG trouble - KBW
The difficulties at stricken insurance giant AIG "probably" may well lead to a rise in business volumes and profits in the 2009-10 are likely to rise, analysts at Keefe & Bruyette said.
RMS ups insured loss estimates from Ike to $7-12bn
US modelling agency RMS has upgraded its US onshore and offshore insured losses from Hurricane Ike to $7-12bn from its original estimate of $6-16 bn.
Appointment at Integro
Integro has promoted two key executives in its Canadian division. Robert Dunn, managing principal an...
Fitch puts Ike at the top
With estimates among the three major catastrophe modelling firms ranging from $6bn (£3.36bn) to $18b...
Energy insurers bracing for underwriting loss after hurricanes
(BestWire) — The energy insurance industry, already struggling through a difficult underwriting period and massive claims inflation, fear the two back-to-back storms in the Gulf of Mexico could likely push the industry into the red this year.