Amlin is set to launch a Bermuda-based reinsurer, Amlin Bermuda with $1bn capitalisation to take advantage of hardening rates in the post-hurricane Katrina environment.
The insurer said the subsidiary would focus on underwriting regional US and international catastrophe reinsurance and will be established in time for the key 1 January 2006 renewal season.
It also said that it would increase Syndicate 2001's capacity by 17.6% to £1bn.
Hurricane loss forecasts
XL Capital said it expected pre-tax net losses arising from hurricanes Katrina and Rita of $1.16bn and $263.6m respectively.
Quanta said it expected its total estimated net losses from hurricanes Katrina and Rita to reach approximately $68.5m, including reinstatement premiums.
Its previous estimates for Katrina and Rita were $40m to $50m and $2m to $8m respectively.
Catastrophe modeller Risk Management Solutions has increased its estimate of insured losses from Hurricane Wilma to between $8bn and $12bn from $6bn to $10bn.
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.
