Reinsurance

London market insured McLaren F1 prize

The surprise success of Formula 1 (F1) racing driver rookie Lewis Hamilton has had London's contingency market buzzing after it emerged his McLaren F1 team's lead sponsor has covered win bonuses through an insurance policy.

AIR puts initial Katrina estimate at $12bn-$26bn

AIR Worldwide estimates that Hurricane Katrina could cost the insurance industry between $12 and $26 billion.The insured losses caused by Hurricane Katrina are likely to make it one of the two worst natural catastrophes in US history.

Thunder Horse damage rethink

British Petroleum (BP) has confirmed that crews placed aboard the BP operated Thunder Horse platform in the Gulf of Mexico have restored partial power to the listing platform, and are working to begin pumping operations to restore the platform to a…

Xchanging acquires RebusIS

Insurance outsourcing specialist Xchanging has acquired software company RebusIS for an undisclosed sum.

Max Re posts Q4 profit

Bermuda-based Max Re has posted a $36.4m net profit for the fourth quarter of 2003, up sharply on the $11m it made over the same period of 2002.

Partner Re hit by Algerian gas explosion

Bermudian reinsurer Partner Re has announced that it is facing a $27-30m claim from the explosion that wrecked a natural gas plant in Algeria on 20 January this year.

Brown retires from XL Capital

XL Capital has announced that Nicholas Brown, chief executive of the company's insurance operations, will be retiring on 1 April this year. He will be replaced by Clive Tobin, who is currently chief executive of XL Insurance Global Risk.

Moody's updates insurance liquidity model

Moody's Investors Service has published a new report on the US life insurance industry after updating its US life insurance liquidity model with 2002 year-end data.

Elborne joins ERC

ERC has announced that Mark Elborne is joining the company as general counsel.

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