Reinsurance
S&P rates Flatiron Re
Standard & Poor's Ratings Services has assigned a 'BBB-' counterparty credit rating to Flatiron Re and its 'BB+' senior secured debt rating to Flatiron Re's $256m term loan facility. S&P also said that the outlook on Flatiron Re is stable.
PXRE changes CFO
Bermudian reinsurer PXRE Group has announced that Robert P. Myron, the Company's Senior Vice President & Treasurer, has been named Executive Vice President, Chief Financial Officer & Treasurer of the Company.
Montpelier puts $133m into $300m Blue Ocean Re start-up
Montpelier Re has announced that it has joined with other investors in capitalising a new Bermuda reinsurer, Blue Ocean Reinsurance.
Lloyd’s underwriter sells more than half his shares for $1.69m
Lloyd’s (re)insurer Atrium has reported that Kevin Wilkins, active underwriter of its syndicate 570, has sold 500,000 ordinary shares in the company at a price of £1.93 ($3.38) per share.
Lloyd's rating stable despite concern over risk concentration
Fitch Ratings has affirmed Lloyd's Insurer Financial Strength rating at 'A'. At the same time, Fitch has affirmed ratings for the Society of Lloyd's and its subordinated debt issue, details of which are listed below. The Outlooks on the IFS and Long-term…
Capital still eying Bermuda reinsurance market, claims report
Despite record 2005 hurricane losses, the Bermuda reinsurance market remains attractive to capital according to the latest Bermuda Reinsurance Quarterly Report from Benfield’s Industry Analysis and Research Team entitled ‘Capital Carousel’.
Goshawk Mark III gets started
The reincarnation of failed Bermuda reinsurer Rosemont Re, Ariel Reinsurance has commenced underwriting following a $1bn capital injection.
Ariel Re opens with an A- from AM Best
Ariel Reinsurance has started underwriting as a Class 4 Bermuda licensed reinsurer following $1bn funding from its parent company, Ariel Holdings and the awarding of an A- (Excellent) rating from AM Best.
Willis welcomes TRIA extension
Joe Plumeri, chairman and CEO of Willis has welcomed US congressional action to extend the Terrorism Risk Insurance Act (TRIA) for a further two years.
Hiscox Bermuda given A- rating by AM Best
A.M. Best has assigned a financial strength rating of A- (Excellent) and an issuer credit rating (ICR) of “a-” to Hiscox Insurance Company (Bermuda) a newly capitalised Bermudan insurer. The outlook on both ratings is stable.
Lancashire starts underwriting with A- from AM Best
AM Best Company has formally granted new Bermudian reinsurance start-up Lancashire Insurance Company a Financial Strength Rating of A- (Excellent).
Harbor Point opens with $1.5bn, looks for US acquisition
Stone Point Capital has announced the completion of fundraising of new Bermudian start-up Harbor Point Limited and the closing of the acquisition of the ongoing assumed reinsurance business of Chubb Re.
IPC chairman to go in reshuffle
Bermudian catastrophe reinsurer IPC Holdings has announced the retirement of its chairman Joseph C. H. Johnson, with effect December 31, 2005. Mr. Johnson will also be retiring from the board of IPCRe.
UK could have its own Katrina
Environmental Claims
Appointment at Atrium Underwriting
Atrium Underwriting chief executive Nick Marsh is being replaced by Steve Cook, previously group man...
Ace announces net after-tax losses
Ace has announced that estimated net after-tax losses for the Ace Group of Companies from Hurricane ...
Lancashire Holdings raises new capital
Lancashire Holdings, the reinsurer launched by former Ascot underwriter Richard Brindle, has success...
Axis chief financial officer steps down
Andrew Cook, chief financial officer at Axis Capital Holdings, has confirmed he will step down from ...
Appointment at Alexander Forbes
Alexander Forbes has expanded its corporate risks and international business in Birmingham with the ...
Lancashire IPO underwriters exercise options
In a sign that its London AIM market debut has been well received by investors, Bermudian start-up Lancashire has announced that it has received notice from Merrill Lynch, acting on behalf of the managers to the placing that it has exercised rights to…
$1bn Validus Re opens for business
New Bermudian start-up Validus Re has announced its formal launch. The company has raised an initial $1bn in equity capital and has received a rating of A- (Excellent) from AM Best.
2006 positive news for insurers, says Swiss Re
Swiss Re has predicted positive underwriting results for the primary non-life and life sectors in 2006. Non-life primary premium rates are, the reinsurer said, expected to grow above inflation in 2006.
New chief executive for Atrium
Atrium Underwriting plc has announced today that Nick Marsh is moving into a new role as director of corporate underwriting. He will also be director of underwriting review for the wholly owned managing agency subsidiary, Atrium Underwriters Limited.
“Precautionary” IPCRe notice to put AWAC in control of volatile Cat business
Bermudian (re)insurer Allied World Assurance Company (AWAC) has clarified its position to Reinsurance Magazine following the announcement from IPC Holdings that AWAC had put IPC on notice to cancel the underwriting agency agreement between the two…