Lloyd's reinsurer Advent Capital has increased its Katrina loss estimate by almost 50% to £47m and announced plans for a heavily discounted £30m equity issue to fund its underwriting for next year.
Advent said its Katrina loss exposures climbed from £32m to £47m and its bill from Rita and Wilma is likely to be £22m. The company said that its total pre-tax loss is £68.6m for the trading year.
Advent also said it has burned through its own reinsurance protection from this year's storm losses. The company said it has no cover for any further loss deterioration on Katrina and no protection for its marine, energy and retrocessional lines for Rita and Wilma. It does, however, still have reinsurance cover for its direct and treaty losses from the latter two hurricanes.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
