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April 2009/2

  • 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.
  • Medniuk to retire as Global Aerospace CEO; AJ Gallagher appoints Pike to board; Chaucer hires US facultative property underwriter; Brit unveils Marine Hull Underwriter; Watson Wyatt promotes global practice director; Transatlantic board member steps down;
  • Rates for national US property-catastrophe reinsurance programmes rose by between 10 and 14 percent on a risk-adjusted basis at 1 April renewals, continuing the hardening trend seen in January’s renewals for catastrophe-exposed lines, according to broker
  • 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.
  • 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.
  • Aon unveils UK energy unit; Sagicor starts life at Lloyd's with Cassidy Davis hire; RSA acquires Irish Underwriter; Glacier opens new Swiss office; LPL expands into Caribbean.
  • Hurricane forecasters from Colorado State University have lowered an early prediction of 14 named storms in the upcoming Atlantic season to 12.
  • Insured losses from last week’s earthquake in the Abruzzo region of Italy are likely to be between EUR200mn and EUR400mn, according to risk modeling agency AIR Worldwide.
  • 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.
  • Class of 2005 start-up Lancashire Holdings said last week it expects to benefit from a surge in demand for Gulf of Mexico (GOM) energy capacity in the second quarter, after deliberately holding back capacity in the first three months.
  • 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.
  • 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.
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