Reinsurance
Swiss Re doubles its own Katrina estimate
Swiss Re today announced that it now expects the total insured loss from Hurricane Katrina for the insurance industry to be in the range of USD 40 billion. Accordingly, Swiss Re estimates its own claims to be in the range of USD 1.2 billion.
Willis boss warns industry faces judgement
Joe Plumeri, Willis group chairman and CEO, today called on the industry to recognize the confluence of eventsimpacting our industry as “our defining moment”.
Katrina impact on property reinsurance market still uncertain
Hurricane Katrina could be the largest property loss ever recorded in the global reinsurance market, according to Aon.
Hiscox reports jump in half year profits despite drop in business
Hiscox this morning reported a higher half year profit profit of £88.1m for 2005 (2004:£60.3m) on less gross premiums written of £437.2m (2004: £489.0m). The insurer added its UK profits doubled to £21.1m.
SVB assumes £25m hurricane loss
Lloyd's managing agent SVB has given its provisional loss estimate from hurricane Katrina. It said its current expectation net of reinsurance and reinstatement premiums will be around £25 million - based on a market insured loss estimate of $40bn
Heritage puts Katrina loss at £28 million
Heritage Underwriting Agency Plc, managing agency of syndicate 1200, this morning said it believes that it is still very early to make a reliable estimate on the syndicate’s hurricane losses.
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.