International News for September 2005 Best Affirms Polish Re Ratings Endurance Estimates Rita Net Losses at Around $85 Million ABI Calls on Government to Delay VAT Enforcement Ruling; Cost Estimated at $352 Million S&P Lowers PXRE Ratings Axis Completes $250 Million Preferred Stock Offering Converium Renews GAUM Funding PXRE Estimates Rita Impact at $30-$40 Million; Sees Q3, Full Year Loss Converium Ups Katrina Loss Estimates to $20-$40 Million S&P Revises Outlook on Global Reinsurers from Stable to Negative; To Hold Telephone Conference Arctic Ice Could Disappear in 55 Years Best Places RenRe’s Ratings Under Review with Negative Implications RenRe Receives SEC Wells Notice; Fitch Comments Imagine to Acquire Lloyd’s Abacus S&P Affirms AXIS Ratings; Comments on Katrina/Rita Impact Brit Estimates Total Katrina/Rita Claims at $256 Million Munich Re Analyzes Katrina/Rita Impact; Insured Loss Around $40 Billion Best Affirms NZ’s Pioneer ‘B+’ Rating Fairfax Receives More Requests for Documents in SEC Investigation S&P Affirms Jupiter’s ‘AA+’ Rating; BP Absorbs Hurricane Losses QBE Buying British Marine IPCC Report Finds CO2 Storage Could Reduce Climate Change Effects Reputation, Regulation and Recruitment Focus of CII Conference Best Sees No Effect on Ratings from Allianz’s Proposed Restructuring Fitch Takes Fairfax Off Credit Watch; Affirms Ratings Best Lowers Alea’s Ratings to ‘B++’ Typhoon Damrey Ravages Hainan Island; Heading Towards Vietnam Best Assigns Indicative Debt Ratings to PXRE Group Best Affirms Rating for Wawanesa Mutual Insurance Co. Best Affirms FSR for Farmers’ Mutual Insurance Association, FMIL IPC Holdings Unveils Early Estimate of Katrina Losses ACE USA Increases Capabilities for International Advantage Coverage AXIS Capital Provides Estimates of Katrina Losses Best Assigns Debt Rating to ING Canada Inc. Integro (Canada) Appoints Dunn to Manage New Montreal Office Fitch Affirms Max Re Ratings ABI Sees Growing Consensus for Employers’ Liability Reform Grupo Catalana Acquires 7% Stake in Atradius from Swiss Re ARIG Launches Takaful Re PXRE Estimates Katrina Impact at $235 to $300 Million; Sees 2005 Loss Imagine Katrina Losses App. $17 Million Arch Capital Estimates Q3 Katrina Impact at $110 to $160M Clinton Initiative Pledges Total $1.25 Billion; Gaza Terrorist Cover NHC Tracking Tropical Storm Rita, Hurricane Philippe Montpelier Re Completes 25.9 Million Share Sale S&P Raises Asia Ins. Outlook Max Re Puts Katrina Losses Between $60 and $90M S&P Affirms HSBC’s HK Insurance Co.’s Ratings; Raises Singapore XL Adds 5 Experts to London Fine Art & Specie Team Montpelier Re Announces 25 Million Common Stock Offering Platinum Underwriters Estimates Katrina Losses; Lowers Profit Forecast Lloyd’s Estimates Katrina Impact at $2.54 Billion Kinnect’s Leaders Resign; Lloyd’s IT Platform to Undergo “Recoding” Best Takes Various Rating Actions in Wake of Katrina Zurich Appoints Lopez to Head Spain AXA RE Estimates Impact of Hurricane Katrina Losses at $200 Million Transatlantic Estimates Katrina Losses at $270 Million S&P Sees Continued Profitability for NZ P/C Carriers Everest Re Group Puts Katrina Loss Estimates at 1% of Industry Total Endurance Estimates Net Katrina Losses Between $375-$450 Million XL’s Katrina Net Losses 1.75% of Industry Totals (Around $700 Million) Montpelier Re Preliminary Assessment of Katrina and New Orleans Floods at $450 to $675 Million S&P Puts Pohjola on CreditWatch/Positive Following OKO Bank Tender Offer Allianz Offers $7 Billion for Remaining RAS Shares; Plans Restructuring Willis CEO Plumeri Calls Response to Katrina ‘Our Defining Moment’ RI3K, Xchanging Announce “XPressCheck” Launch for Contract Certainty; Katrina Claims Highlight Need ACE Estimates $450-550 Million Katrina Net Losses After-tax Willis, France’s Gras Savoye Create Willis Gras Savoye Re RenRe Comments on Katrina Impact Best Comments on Katrina’s Impact on the Global Reinsurance Industry S&P Puts 10 Insurers on “Katrina” CreditWatch/Negative Lethal Typhoon Khanun Hits Northeast China; Nine Deaths Reported Koizumi Wins “Japan Post” Privatization Election in a Landslide Swiss Re Increases Katrina Claims by $700 Million to $1.2 Billion Alea Loses S&P ‘A’ Rating Kingsway Financial Services Notes Purchase of HI Holdings White Mountains Katrina Losses in $150-$300 Million Range – Pretax Guy Carpenter & Company Releases Study of Property Catastrophe Reinsurance Market S&P Analyzes Earthquake Threat for Japan’s Property/Casualty Companies AXIS Says Hurricane Katrina Losses ‘Within Current Expectations’ Kingsway Gives Report for Katrina, Ontario Storm Best Places Rosemont Under Review Kiln plc Offers Possible Katrina Impact OdysseyRe Updates Katrina Estimates, Other Q3 Events Aspen Estimates Katrina-New Orleans Flood Losses at $150 Million PartnerRe Updates Q3 Cat Impact Best Puts NZ’s Commercial Ins. Services Rating Under Review S&P Assigns NGI ‘BBB’ Rating S&P Raises Moscow Re Rating to ‘B+’ R&SA Says Katrina Claims $46 Million Fairfax, Odyssey Re Receive SEC Subpoenas in “Non-Traditional Insurance” Probe S&P Issues Report on European Insurers U.S. Operations Wellington 1st Half Net Up 78% at $105 Million; Katrina Losses $75 Million Zurich Estimates $100 Million in European Flood Losses; No Estimate Yet on Katrina R&M Adds Course on Prevention of Money Laundering NHC Watching Tropical Storm Ophelia AXA 1ST Half Group Net Income Up 31% to $2.8 Billion; No Significant Effect from Katrina Best Affirms Mexico’s Reaseguradora Patria’s ‘B++’ Ratings Assured Guaranty Appoints Bajer Managing Director for Europe Best Affirms NZ’s Credit & General Insurance ‘A-’ Rating Brit Announces Record 1st half Results; Industry Katrina Loss $50 Billion S&P Puts Skandia on CreditWatch/Negative Following Bid from Old Mutual Lloyd’s Notice on Katrina Policies Amlin 1st Half Profits Up 56% to $247 Million; $110 Million Katrina Loss Estimate Ace Europe Expands IT Loss Protection UPDATE: Indonesian Plane Crash; 147 Dead; 14 Survive; Cause Unknown Typhoon Nabi Hits Kyushu Fitch to Hold Reinsurance Teleconference Sept. 7 CII Launches New “Contract Certainty” Certificate; Education Course Australian P/C Insurers Credit Quality Remains Strong Says S&P Best Affirms Tugu “B+” Ratings PartnerRe Names Clarke to Head Global P/C Business; Succeeding Nessi Best Affirms NIPPONKOA ‘A’ Rating Typhoon Talim Hits Mainland China; 72 Dead; Thousands Homeless 15 Die in Apt. Fire Near Paris 117 Reported Dead in Indonesian Plane Crash SCOR 1st Half Net Increases by 18% to $90 Million Hannover Re Estimates Katrina Losses at $314 Million; Lowers 2005 Forecast Zurich Completes Sale of Claims Management Group R&M Study on U.K. Identity Fraud Converium Issues Statement on Katrina, Central Europe Flooding S&P Puts Alea Group on CreditWatch/Negative S&P Assigns ‘BBB+’ Rating to Slovenia’s Sava Re Everest Re Extends CEO Taranto’s Employment Agreement R&M Issues Climate Change Report S&P Puts OIL’s ‘A+’ Ratings on Credit/Watch-Negative Alea Group 1st Half Profit Off 47% to $25.9 Million Swiss Re Estimates Katrina Claims at Around $500M International News Archives
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