April 2009/2

The European insurance and reinsurance federation, the CEA, has emphasised its support for re-considering Solvency II’s contentious group provision after the directive has been in place for three years.

Defections from the recently formed broking leviathan Aon Benfield have continued, with confirmation that the former head of Benfield’s Brussels office, Wim Raeymaekers, is joining the Benelux leadership team of rival broker Guy Carpenter

Global reinsurers' capital may have deteriorated by a further 10 percent in the first quarter of 2009 as stock markets continued to slide, according to Guy Carpenter (GC)’s head of business intelligence Chris Klein.

Hurricane forecasters from Colorado State University have lowered an early prediction of 14 named storms in the upcoming Atlantic season to 12.

A raft of proposals are being considered by the Florida legislature to address a funding crisis at its cat fund that would leave the state in dire financial straits if hit by a major hurricane this year.

US life insurers were handed a boost last week with reports that the Troubled Asset Relief Program (TARP) is to be officially extended to the beleaguered sector.

The momentum behind hardening in the airline insurance market has seen average lead hull and liability rate rises of 5 percent in 2009, according to a sector update from Aon.

New cat bond sponsor Assurant Inc has launched a $150mn US wind transaction, while Allianz has increased the size of its Blue Fin II cat bond to $180mn...

The furore over bonuses at American International Group’s decimated financial products (AIGFP) unit may have been counterproductive, according to its head Gerry Pasciucco.

Standard and Poor’s (S&P) has revised its outlook on French composite insurer Groupama to negative from stable, citing increased pressure on the company’s capital adequacy resulting from the sharp decline in market conditions.

Texas-based Southwest Insurance Partners Inc (SWIP) has put on hold plans for a private offering to raise up to an additional $100mn in capital due to the uncertain economic outlook, The Insurance Insider can reveal.

Aon's revamp of its UK pension structure comes as the big three global brokers continue to target cost cutting measures within a difficult trading environment.