Reinsurance
Moody’s adds to AIG’s woes in rating downgrade
Moody's Investors Service has downgraded the senior unsecured debt rating of American International Group to A2 from Aa3 in light of the continuing deterioration in the US housing market and the consequent impact on the group's liquidity and capital…
Hannover Re says has €23m of exposure to Lehman Brothers
German reinsurer Hannover Re said it has €23m of exposure to collapsed US investment bank Lehman brothers.
Ike probably the third largest US hurricane loss in history- Fitch
With estimates among the three major catastrophe modeling firms ranging from $6-$18bn, losses from Hurricane Ike will be material to both the primary insurers located in the U.S. and to the global reinsurance industry, according to Fitch Ratings in a new…
AIG given permission to use $20bn of funds as collateral to borrow funds
AIG has been given permission by the State of New York to use $20bn of its own funds as collateral to maintain its daily operations.
Flagstone Re's exposure to Gustav and Ike exposure around $85m
Bermudian reinsurer Flagstone said that its preliminary estimate of claims relating to its exposure to Hurricane Gustav are currently expected to be approximately $30m, and exposure to Hurricane Ike are currently expected to be approximately $55m.
Flagstone says has 'zero' exposure to Lehman Brothers
Flagstone Re, the Bermuda-based reinsurer, said that it has 'zero' exposure to collapsed US insurer Lehman Brothers.
Hannover Life Re appoints new head of business development
Hannover Life Re (UK) said it has appointed Paul Casey as its new head of business development.
AIG approaches Fed for $40bn loan for short-term financing - reports
AIG has approached the US Federal Reserve Bank for $40bn in short-term financing, reports have said.
Hurricane Ike may have a $3bn impact on reinsurers - KBW
Hurricane Ike may cost the reinsurance industry around $3bn, according to analysts at Keefe, Bruyette & Woods.
Flagstone Re expects $10-15bn total insured industry losses from Hurricane Ike
Bermuda-headquarted reinsurer Flagstone Re said today that their preliminary analysis estimates that total onshore insured industry losses from Hurricane Ike could range from $10-15bn.
Hurricane Ike hammers Texas Coast
Hurricane Ike has arrived on the Texas Coast, devestating the City of Galveston and threatening Houston.
Ike closes in on Texas coast
Hurricane Ike is closing in on the coast of Texas and may strike the upper Texas coast late Friday or early Saturday, Guy Carpenter said.
Ike causes $200m damage in Turks and Caicos. Bahamas
(BestWire) — As the Gulf Coast watches Hurricane Ike approach, catastrophic risk modelers, Risk Management Solutions, estimates the storm has already caused up to $200m in insured loss in the Turks and Caicos Islands as well as the Bahamas.
Integro set to announce US job cuts - sources
Integro, the US and UK (re)insurance broker, is understood to be set to make a raft of job cuts in its US operations, Reinsurance has learnt. Integro's UK operations are not expected to be impacted.
Ike intensifies to Category 2 hurricane, headed towards Gulf of Mexico
Hurricane Ike has intensified to a Category 2 hurricane and is expected to move to a Category 3 in the next "day or two", according to the US National Hurricane Centre.
Ike path makes $10-15bn of insured losses
If hurricane Ike continues its path towards the Texas coast, $10-15bn worth of insured losses are "quite possibly", according to a senior person at ReAdvisory, reinsurance broker Carvill's research arm.
Omega reports 20% profit
Omega Underwriting has reported profit before tax up 20% to $24.5m (£13.8m) (H1 2007: $20.4m) on pre...
Appointment at Oxygen
Graham Wood has joined Oxygen Re as business development and operations manager of Oxygen Insurance ...
Market change is blowing in the winds
It was all going too well really; a benign hurricane season, roaring investment markets and plenty o...
No Benfield exodus yet
The exodus of Benfield brokers after the takeover of Aon is not expected until after the 1 January r...
Heightened retro prices lead to Munich Re unable to place a storm risk
Heightened retrocessional reinsurance prices have led to Munich Re being unable to retrocessionally get additional reinsurance for a storm risk it wanted to place, said one of its senior reinsurance writers.
Hurricane Ike triggers Caribbean Catastrophe Risk Insurance Facility (CCRIF) to pay out $6.3m
The Caribbean Catastrophe Risk Insurance Facility (CCRIF), the world's first multi-country risk pool is set to make a payout of approximately US$6.3m to the government of the Turks and Caicos Islands, within the terms of that country’s hurricane policy…
Ironshore enters Lloyd's market
Ironshore enter the Lloyd’s market after completing the purchase of Pembroke Managing Agency and Syndicate 4000 which it manages.
Travelers in UK senior staff shake up
Travelers UK has announced the retirement of David Bevan, general manager - sales marketing and distribution - after 16 years service.