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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.
  • 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.
  • Hurricane forecasters from Colorado State University have lowered an early prediction of 14 named storms in the upcoming Atlantic season to 12.
  • 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.
  • 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 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.
  • 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.
  • Ratings agency Moody's has completed a hat-trick of negative agency actions against Warren Buffett-owned Berkshire Hathaway, by downgrading the financial strength ratings on its insurance subsidiaries from Aaa to Aa1.
  • UK FTSE 100 companies are purchasing 20 percent more directors’ and officers’ (D&O) insurance compared to 12 months ago, amid heightened concerns over litigation, shareholder action, and increased regulator scrutiny...
  • Bermuda-based Ironshore has tapped into the steady stream of talent leaving struggling insurance giant American International Group (AIG) with the appointment of Tim McAuliffe - former president of AIG Excess Casualty - as president of its specialty casua
  • One of the founders of energy specialist Torus Insurance Holdings, David Hope, has stepped down from his position as chief underwriting officer, The Insurance Insider can reveal.
  • Reinsurance broker Guy Carpenter has completed its acquisition of smaller rival broker John B Collins (Collins).
  • 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.
  • Validus Holdings said it will use "all available means" - including the Bermuda legal system - to win over IPC Holdings shareholders, after its offer for the cat specialist was rebuffed by the reinsurer's board.
  • Zurich Financial Services Group has named former Converium CEO Inga Beale as global chief underwriting officer in a management reshuffle.
  • 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.
  • 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.
  • 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;
  • Fairfield Greenwich – one of the largest institutional investors in Bernard Madoff’s alleged $50bn Ponzi scheme – has been accused of “flagrant and recurring misrepresentations” that “give rise to fraud” by Massachusetts Secretary of the Commonwealth Will
  • 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
  • The furore over bonuses at American International Group’s decimated financial products (AIGFP) unit may have been counterproductive, according to its head Gerry Pasciucco.