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.
