Reinsurance

Hurricane Gustav closes in on New Orleans

Hurricane Gustav, which is closing in on the coast of Louisiana, could produce a storm surge of between 13 and 18ft if it gets to a Category 4 hurricane as forecast, and may overtop some floodwalls and levees in New Orleans if it were to hit the city,…

Three year wait for extra UK flood defence funds

The UK insurance industry’s plea to raise flood defence spending levels immediately after this summer's heavy losses, appears to have fallen on deaf ears, after a report from the UK's finance minister revealed no change in policy.

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.

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