Reinsurance
Alea may sell up
Insurer/reinsurer Alea said it will consider selling the group after it was downgraded by Standard & Poor's to BBB+ from A-. The outlook on the rating is negative.
Groupama ratings affirmed
A.M. Best has affirmed the financial strength rating of A (Excellent) and the issuer credit rating (ICR) of “a” of Groupama and its rated subsidiaries, Groupama Vie and Groupama Transport.
Katrina ups claims settlement pressure
Insurance companies are likely to come under political pressure to pay claims arising from Hurricane Katrina early and without dispute, according to Robert Cooney, president and chief executive officer of Bermuda-based Max Re.
Benfield take a "longer term view" as profit and revenue drop
Reinsurance broker Benfield this morning reported a drop in group operating revenue to £196.2m (H1 2004: £204.9m). Its profit also fell to £82.0m (H1 2004: £95.5m).
Katrina may see capacity cut rethinks
London Market News
Adjusters awaiting Katrina green light
The insurance industry was holding its breath as the true extent of the damage caused by Hurricane K...
Could Katrina bring new investment and harder rates?
It was interesting that Lloyd's considered cancelling its first capacity auction this week following...
Wellington CEO predicts positive price impact
The chief executive of Wellington Underwriting said positive moves in its share price this week coul...
BHSF Vauxhall deal after MG Rover loss
Health Report
Fitch to review 'stable' outlook
Ratings agency Fitch said on Tuesday it would reconsider its stable outlook for the reinsurance sect...
Reinsurance rendezvous
Monte Carlo Preview
Katrina figures are misleading
Figures estimating insurers' losses for Hurricane Katrina are wildly misleading because "information...
New corporate start-up targets 5% market share
Benfield formally launched its new primary broking operation this week, with the stated ambition of ...
Beazley to rethink capacity after Katrina
Beazley Group has confirmed that it will be rethinking its strategy to drop capacity for 2006 in the wake of Hurricane Katrina.
Hurricane Katrina’s impact by industry sector.
Aon has commented on the effects of Hurricane Katrina on various sectors of the industry including Oil & Gas, Agribusiness, Transportation, Aviation, Property, Security and Film and Television.
Katrina possibly biggest ever hit on market, claims Brit CEO
Losses from Hurricane Katrina could be the largest ever to hit the (re)insurance market, according to Dane Douetil, chief executive of Brit.
Global reinsurance sector stable, claims Fitch
Fitch Ratings’ latest global report has maintained its Stable rating Outlook on the Global reinsurance sector.
Goshawk joins market in predicting "substantially improved rates" in Katrina's wake
Goshawk has estimated that as a result of Hurricane Katrina it will incur losses on its property and marine books of business.
Brit expects Katrina to "extend the hard market" as it reports £112.2m profit
Brit today reported profit before tax of £112.2m, up 61.0%, for the first six months of 2005. It added that it believes Hurricane Katrina would help extend the hard market, and that “Brit is extremely well positioned for the opportunities that this price…
Lloyd's auctions on despite market uncertainty
Lloyd's admitted it was under pressure from managing agents to cancel or delay the market's annual auctions, due to begin today, because of losses arising from hurricane Katrina.
Wellington hurricane losses equal to entire '04 season
Lloyd's insurer Wellington Underwriting has estimated a net loss of $75m (£40.7m) from hurricane Katrina, which is comparable to the losses it incurred from the entire 2004 hurricane season.
Katrina: Newspaper damage estimates are
Sunday newspaper figures estimating insurer losses for Hurricane Katrina are wildly misleading because “information is scant” according to Joe McMahon, managing director of loss adjustor Bateman Chapman.
Katrina damage estimates climb
Estimated insured losses from Hurricane Katrina's direct impact have increased to $20-$35bn, according to Risk Management Solutions (RMS).
Amlin forecasts Katrina loss as $110m as it unveils record first half profit
Lloyd’s insurer Amlin this morning reported half year profit before tax of £134.1m, up 56% over first half of 2004. However, it warned that its net losses attributed to Hurricane Katrina had been provisionally estimated at $110m.