Reinsurance
AM Best downgrades Endurance Specialty
AM Best has downgraded the financial strength rating (FSR) to A- (Excellent) from A (Excellent) and the issuer credit rating (ICR) to "a-" from "a" of Endurance Specialty Insurance and its operating affiliates.
AM Best downgrades “monoline” IPC, despite $600m fund-raising
AM Best has downgraded the financial strength rating of Bermudian reinsurer IPC Holdings to A (Excellent) from A+ (Superior) and issuer credit ratings (ICR) to ‘a’ from ‘aa-‘. The rating action applies to IPCRe Limited (Bermuda) and IPCRe Europe Limited…
Increased hurricane losses may push Axis to a full-year loss
Bermudian (re)insurer AXIS Capital Holdings has reported a net loss for the third quarter of $468.1m compared with net income of $6.3m in the same quarter of 2004.
Swiss Re announces hurricane losses
Swiss Re has admitted that, that based on current estimates, it expects its aggregate claims for hurricanes Rita and Wilma to be approximately $750m.
SEC probe sparks RenRe resignations
RenaissanceRe Holdings has announced the resignation of James N. Stanard, chairman and chief executive, following the ongoing investigations resulting from the company's restatement of its financial results earlier this year.
XL takes $1bn 3Q loss, unveils deal with new cat reinsurer
Bermudian reinsurer XL Capital has reported a net third-quarter loss of $1,049.2m, or $7.53 per ordinary share, compared with net income of $22.5m, or $0.16 per ordinary share, for the same period in 2004.
SVB estimates £5-£10m Wilma losses
SVB has conducted a preliminary assessment of the impact of Hurricane Wilma which made landfall on the US on 24 October. The company's initial estimate of the loss arising from this event, net of reinsurance and reinstatement premiums, is £5 million - …
Amlin to open Bermuda doors in New Year
Lloyd's insurer Amlin has announced the formation of the much touted Amlin Bermuda, a new wholly-owned US$1 billion reinsurance company and £224 million fully underwritten Rights Issue. Amlin Bermuda• Formation of a new wholly-owned reinsurance company…
Aspen sells shares to Lehman Brothers
Aspen Insurance Holdings announced that it has agreed to sell 17 551 558 ordinary shares to Lehm...
Max Re Capital plugs market for additional cash
Max Re Capital has joined the increasing list of companies raising new capital after Hurricane Katri...
Stop Press! Baden-Baden news
This year's meeting of the (re)insurance industry in Baden-Baden was overshadowed by Katrina and Wil...
AM Best condemns Rosemont Re to near-certain run-off
AM Best has downgraded the financial strength rating of Rosemont Re three notches to B (fair) from A...
What's going on?
US Supplement
Katrina costliest US catastrophe yet
Hurricane Katrina is expected to cost US property/casualty insurers an estimated $34.4bn in insured ...
The real reason behind the rush to capitalise
Mark Geoghegan reappraises the market as a truer picture of Katrina's after-effects emerges
Goodbye, soft market!
Mairi Mallon spoke to Ken LeStrange, CEO of Endurance, about getting tooled up for a post-Katrina world
Underwriters 5, models 0
Dear friend, The events of the last two months have proven once again that there is nothing n...
Are you ready for the coming capital crunch?
Michael Butt, chairman of AXIS, has been extremely busy in the last few weeks. Mairi Mallon found out exactly what he needs all his new capital for, and a lot more besides..
The shadow of 9/11
US Supplement
Glacier Re raises capital to pay for hurricane damage
Glacier Re has declared that existing shareholders have subscribed for additional equity of $100m th...
AIG executive arrested for bribery
An executive in an investment branch of American International Group (AIG) has been indicted on ...
No 'class of 2005', and prices are only going UP!
Charles Werner Skrzynski (CWS), chief executive officer of XL Re Europe, answers Eric Alexander (EA)'s probing questions on the state of the market after Katrina and Rita