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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...
  • 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.
  • 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.
  • 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.
  • April's reinsurance renewals for life and personal accident (PA) reinsurance saw the average rate on line decline by 3.8 percent, and in some cases there were falls of as much as 10 percent.
  • Lloyd’s opens Brazil office; Mitsui Sumitomo branches out to Eastern Europe; Beazley completes acquisition of First State...
  • Ratings agency Moody's has revised its outlook for the US commercial lines insurance sector to negative from stable.