Reinsurance
Montpelier Re CUO retires, immediately replaced
Bermudian reinsurer Montpelier Re has announced that its chief underwriting officer (CUO), C. Russell Fletcher III, is retiring from the company with immediate effect. Fletcher was a founding member of the class of 2001 monoline Cat specialist and is a…
Lancashire reports $947m in shareholders' equity at 31/12
In a financial statement for the 2005 calendar year Bermudian start-up (re)insurer Lancashire has reported shareholders' funds of $947m at year end.
Wellington reports £26m loss
Wellington Underwriting has produced a pre-tax loss for the last financial year, after massive hurricane losses put its business into the red. In a statement this morning, the group's chief executive, Preben Prebensen, said:
GuyCarp poaches Benfield exec for Australasian operations
Guy Carpenter has announced the appointment of Ray Carless as executive chairman of its Australia, New Zealand and Pacific operations, effective March 27. He will be based in Sydney and will report to Martin Burrough, CEO of the Asia Pacific Region.
Munich Re announces record profit
Munich Re announced a record profit of EUR2.7bn (£1.9bn) in 2005, an increase on 2004's EUR1.9bn fig...
Benfield reports profit
Broker Benfield reported a profit of £34.8m in 2005, up 12% on the £31m it made the previous year an...
Appointment at Claim Experts
The board of Claim Experts has appointed two new directors: John Carpenter and Mike Nelson-Smith. ...
Courts reluctant over duty of parental care
AD and OH (a child: by AD his litigation friend) v Bury Metropolitan Borough Council, (Court of Appeal - 17 January 2006)
Clouds over troubled waters
Energy market
Lancashire 'A' rating in balance following key underwriter departure
Bermudian start-up (re)insurer Lancashire has had its financial strength rating of A- (Excellent) and its issuer credit rating of bbb- placed under review with negative implications by AM Best.
Validus opens $300m credit facilites
Bermudian start-up reinsurer Validus has announced that it has entered into syndicated credit agreements ammounting to $300m with a syndicate of lenders. The deal consists of a $100m senior unsecured 364-dday revolving credit facility and a $200m senior…
Brit mulls side-car venture to re-enter retro
In its preliminary 2005 results statement, Lloyd’s (re)insurer Brit has reconfirmed that it pulled out of the Cat retrocession market at the 1st January renewals. However, Brit confirmed that it may soon be back in what it sees as an attractively priced…
Converium announces 2005 profit
Converium has announced that it made a profit of $68.7m in 2005.
Munich Re claims record profit
In its anniversary year, with a stable premium base, the Munich Re Group has announced that it achieved a record profit of over €2.7bn in 2005.
American Re reports heavy 2005 loss after $1.4bn charge
Munich Re’s US subsidiary American Re has reported a 2005 GAAP net loss of $1,558.8m, primarily a result of the $1.4bn addition to the Company’s net loss and loss adjustment expense reserves recorded during the second quarter.
Beazley squeezes out profit
Lloyd's insurer Beazley announced its annual results this morning, with the group managing to retain profitability despite hurricane losses.
Lancashire loses retro underwriter, gains deputy CUO
Bermudian start-up (re)insurer Lancashire has announced that J. Alex Richards, currently retrocession underwriter and vice president of Lancashire will leave the company by mutual consent effective 1 April. The move comes after Bryan Bumsted, previously…
Catlin battered but unbowed by 2005
Bermudian (re)insurer Catlin has announced that profits from 2005 were sharply down on the back of substantial losses from the Atlantic hurricane season that carved a trail of devastation through the area.
Benfield predicts 10%+ growth for 2006
Benfield has announced a profit of £34.8m over 2005, up 12% on the £31m it made the previous year and confirmed expectations of revenue growth above 10% in its core reinsurance intermediary business in 2006.
Brokerbility buys another broker
Intermediary consolidator Brokerbility has continued its growth strategy with the addition of a Linc...
Are the good times over?
The life of a London market broker is not what it used to be. Long lunches, fat commissions, a job f...
Annual letter to Berkshire Hathaway shareholders
In his annual letter to shareholders, the chairman of reinsurer Berkshire Hathaway, Warren Buffett, ...
Appointment at Integro
Integro has made Thomas Biggio and Allison Ast principals at its Chicago office. Mr Biggio has 30 ye...
Appointment at GAB Robins
Trevor Cameron has become managing director, London market at GAB Robins. He will be responsible for...