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Local subsidiaries drive NKSJ’s reinsured loss past $2bn
30 January 2012
As reinsurers turn their attention to the 1 April renewals, Japanese "big three" insurer NKSJ has significantly inflated its gross loss notification for the Thai floods to 260bn yen ($3.35bn)… Read more
American Ag clarifies restructured 1.1 renewal
30 January 2012
American Agricultural (Ag), the reinsurer of choice for most farm bureaus in the US, has clarified market misconceptions arising from changes to its major 1 January cat retro placement after it restructured cover to overcome capacity issues… Read more
First the gain – then the pain
30 January 2012
While the most widely read annual letter to shareholders undoubtedly carries a Nebraska postmark and is signed by a certain Warren Buffett, our sector is lucky to have another willing scribe documenting and demystifying life in the (re)insurance world on behalf of investors… Read more
Lloyd’s mulls £100mn+ Darwin project
30 January 2012
Lloyd's is considering whether it has the appetite for a radical overhaul of its processes in an initiative which could cost the market at least £100mn-£150mn… Read more
Digest
30 January 2012
Brown & Brown CEO takes leave; Ironshore opens in Singapore; Sangria on Aon; Joachim adds EUR300mn; Xchanging signs Hurst-Bannister; Atkins takes LMA helm; Tawa closes turnkey buy; Nelson awaits London influx; Greenlight fined for market abuse… Read more
China IPOs and RTOs to cost $250mn+
30 January 2012
Underwriters of directors' and officers' (D&O) policies covering the IPOs or reverse takeovers (RTOs) of Chinese companies listing in the US could face claims of more than $250mn, according to sources… Read more
Aegis leads $180mn Xcel power plant loss
30 January 2012
Aegis in London leads the programme for Xcel Energy's Sherburne County Generating Station (Sherco 3), where a recent fire is expected to cost the power market up to $180mn, sister title Inside FAC understands… Read more
Trade credit market facing $100mn+ loss from Petroplus default
30 January 2012
Last week's $1.75bn insolvency and default of European oil refiner Petroplus Holdings is set to be a significant event for the trade credit market, sources have told The Insurance Insider… Read more
Brit restructure sees reinsurance chief Turner depart
30 January 2012
Brit parted company last week with its well-regarded reinsurance chief Jonathan Turner as part of plans to merge his former division with its global markets unit… Read more
Costa Concordia owners sued by crew member
30 January 2012
A crew member of the ill-fated Costa Concordia vessel has filed a law suit accusing the ship's owners of negligence, breach of contract and unjust enrichment… Read more
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