May 2010/2

May 2010/2
Publication Date: 10 May 2010

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European insurers bounce back following mammoth EU bail-out

10 May 2010

European insurance stocks raced ahead today (10 May) as sovereign debt default fears subsided following the mammoth EUR750bn package to underpin the Euro… Read more

Share buybacks unhindered by Q1 cats

10 May 2010

If any additional evidence is required that there is ample capital floating around the (re)insurance industry, then the Q1 share repurchase schemes provide undeniable proof (see table)… Read more

Ryan’s raid on CRC triggers litigation crossfire

10 May 2010

Industry veteran Pat Ryan faces a firestorm of litigation in the wake of his audacious poaching raid on CRC, after recruiting over 100 of its staff to his start-up managing general agent… Read more

Transocean decides to retain more risk

10 May 2010

Drilling contractor Transocean will increase its level of self-insurance following the huge Deepwater Horizon rig loss in the Gulf of Mexico (GoM) on 22 April, the company revealed… Read more

Reported Chile losses now over $6bn

10 May 2010

Losses reported by the (re)insurance industry for the Chilean earthquake have slipped over the $6bn threshold, thanks to a late-arriving $810mn addition from US (re)insurance behemoths Berkshire Hathaway and AIG… Read more

Industry titans gather in NY to mull soft market

10 May 2010

It is rare that the likes of CV Starr's Hank Greenberg, Markel Corp's Tony Markel, Stone Point's Chuck Davis and Aon founder Pat Ryan are in the same room but they - and many other industry savants - are converging on New York this week to discuss the challenges of the soft market… Read more

Berkshire keeps foot on reinsurance brake; Q1 cat losses reach $500mn

10 May 2010

In the week that Berkshire Hathaway's Charlie Munger remarked: "I would not bet the farm on price increases...it's so easy to under-price and under-reserve", evidence came of the investment giant's limited appetite for reinsurance business… Read more

Swiss Re considers early Buffett redemption with capital buffer

10 May 2010

Swiss Re said last week its excess capital leapt from $9bn to $12bn in the first quarter and added that it was now focused on repaying Warren Buffett - which would allow the world's second-largest reinsurer to restart share buybacks… Read more

Munich Re in FY profit warning as Q1 cats hit home

10 May 2010

In last week's Q1 results Munich Re revealed a major catastrophe loss hit of EUR761mn in the first quarter… Read more

KPMG, Countrywide agree giant subprime settlement

10 May 2010

Accounting firm KPMG and Countrywide Financial - the subprime mortgage lending giant acquired by Bank of America - have together agreed to pay former investors $624mn in one of the largest settlements in US history. KPMG, Countrywide agree giant subprime settlement… Read more

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