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April 2009/3

  • Catlin Group is launching a new Lloyd’s Syndicate and has opened a Guernsey branch office to write term life (re)insurance business.
  • Last year's apparently freakish total of 1,700 US tornadoes - which cost the industry more than $10.5bn in insured losses - may not be so unusual after all.
  • German insurance giant Allianz's Blue Fin II cat bond – which increased in size to $180mn earlier in the month – was over-subscribed at its close last week (14 April).
  • Rates on US catastrophe-exposed lines are set to rise by a further 10-20 percent at the key mid-year renewals as a result of capacity scarcity, according to analysts at London-based stockbrokers Execution Ltd. The report adds that...
  • Talbot Underwriting has become the latest Lloyd's (re)insurer to reveal a hike in 2009 stamp capacity, confirming a 23 percent rise to £400mn on its Syndicate 1183, as it looks to take advantage of what it claims are rising rates across its portfolio.
  • Willis Group estimates that directors’ and officers’ (D&O) losses as a result of claims relating to the credit crunch and sub-prime will total $5.9bn, with $5.3bn of that attributable to settlement and defence costs.
  • AIM-listed broker THB Group plc is poised to appoint the former Marsh UK executive Stephen Matanle as the head of its largest division – Lloyd’s broker Thompson Heath & Bond (THB), as first revealed by The Insurance Insider.
  • Capital is willing to pour into the catastrophe reinsurance sector, but only when 30 percent+ returns become a realistic prospect once again.
  • As the US property and casualty (P&C) industry converges on Orlando, Florida, for the annual RIMS conference, one of the key themes is the impact the economic crisis is having on the market.
  • The leveraged UK broker consolidator Towergate Partnership has refinanced its long-term banking facilities – a move that it says will enable its strategy of growth through acquisition to continue.
  • Lloyd's insurers may be poised to benefit from a change in the UK government's tax treatment of their equalisation reserves, as the UK budget fast approaches (22 April).
  • The Florida Hurricane Catastrophe Fund (FCHF) has decided not to buy private reinsurance in 2009 or renew the put option it bought from Berkshire Hathaway, The Insurance Insider understands.
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