Reinsurance
S&P places IPC on CreditWatch
Standard & Poor's Rating Services (S&P) has assigned its 'BBB+' counterparty credit rating to IPC Holdings and placed the rating on CreditWatch with negative implications.
Kiln sees 12.5% rate rise, edges Katrina loss upwards
Following hurricanes Katrina and Rita, Lloyd’s (re)insurer Kiln says it is seeing good rate rises in many of its core classes of business, most notably in its property catastrophe reinsurance, property and marine portfolios and now expects average rate…
Wellington to further increase 2006 capacity to £800m
Following further review of current market conditions Wellington Underwriting Agencies is increasing the 2006 capacity of its Lloyd’s Syndicate 2020 to £800m — up from £730m for the 2005 year of account.
Aspen share offering raises $400m
Aspen Insurance Holdings has announced that it has closed its previously announced public offering of 17 551 558 ordinary shares at $23.00 per share, raising aggregate net proceeds of approximately $400m.
Integro hires duo in San Francisco
Integro has hired two executives to serve in its San Francisco office. Michael J Korn has been appointed managing principal, Property Practice, and Ted Doolittle has been appointed principal, Executive Risk Practice.
Max Re Capital taps market for $250-$300m
Max Re Capital has joined the increasingly long list of companies that are raising new capital in the aftermath of Hurricane Katrina by issuing shares.
Arch edges Katrina loss upwards
Arch Capital Group has announced that it expects 2005 net third quarter operating earnings to be negatively impacted by $173m due to hurricane Katrina — exceeding its previous maximum probable loss estimate, which was of the range $110m-$160m.
Katrina and Rita blow IPC 3Q losses sky-high
IPC Holdings has said that it anticipates that the net impact from these events on its net income from Hurricanes Rita and Katrina in the third quarter will be in the range of $650m to $750m.
Tillinghurst publishes new Katrina loss estimate
Hurricane Katrina is expected to result in $40bn to $55bn in private insurance payments, according to a new white paper developed by the Tillinghast and Reinsurance businesses of Towers Perrin.
Accountants’ and auditors’ PI premiums continue to fall
The results of the latest Willis Index survey of the UK professional indemnity insurance industry for the third quarter of 2005 show the market continuing to maintain competitive, especially in the small to medium firm sector. Average premium reductions…
Battered Goshawk may sell Rosemont Re
Bermudian reinsurer Goshawk has doubled its net Katrina loss from a range of $25m to $30m to a revised total of $60m and revealed that it is seeking a major new capital injection or an outright sale of Rosemont Re, without which Rosemont’s ability to…
Want to use a Prince's Trust supported business?
The insurance industry, through the Insurance Leadership Group is rallying behind the Prince's Trust which raises funds and provides support for disadvanted young people via practical support including training, mentoring and financial assistance. By…
Platinum takes $45m Rita hit but still sees FY profits
Platinum Underwriters Holdings has unveiled a net Hurricane Rita loss estimate of $45million. However the Company added that it expects to be profitable for the full year of 2005, assuming no significant catastrophe losses or other unusual adverse events…
Quanta pulls out of property pending review
Quanta Holdings is to make a strategic, but possibly temporary withdrawal from technical risk property and property reinsurance business for “next few months” pending a review. Tobey J. Russ, Quanta's chief executive commented, "We have been executing…
Everest covers big 3Q losses with $475m common stock sale
Everest Re Group, Ltd has announced that it has agreed to sell approximately $475m of its newly issued common shares to Goldman Sachs. Everest said that expects to use the proceeds from the sale of its common shares for working capital and general…
AIG executive arrested in bribery case
Three men, including an executive of American International Group (AIG), have been indicted in the US on charges of alleged bribery.
Lloyd's enjoys £1.38bn surplus in first half
Lloyd’s has announced an interim profit of £1.38 billion for the six month period ended 30 June 2005. This represents a 21% increase on the corresponding period in 2004. The severe hurricane season will have a significant impact on the full year result…
Omega Underwriting
Omega Underwriting has opted to increase its 2006 underwriting capacity, adding £25m to its planned ...
Hurricane blows wind of change
This year's hurricane season is proving to be an effective billboard for those who argue climate cha...
Industry must dare to be dull
Lloyd's must take the insurance industry by the scruff of the neck and become - more boring. This ...
Global insurers may lose share in wake of Katrina
European multinationals whose balance sheets were unharmed by Hurricane Katrina will not accept who...
Brit admits claims will wipe out profit
Brit has put a preliminary estimate of £145m for claims arising from Hurricanes Katrina and Rita, lo...
Atrium fears profit slump after storms
Lloyd's insurer Atrium has predicted second-half losses due to the recent devastating hurricanes. T...
Goshawk control fight peters out
The fight for control of Goshawk Insurance fizzled out last week with the insurer's largest shareho...