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April 2011/1

  • Guernsey has received increased interest from captives and reinsurers looking for a new domicile after deciding not to seek Solvency II (SII) equivalence, according to Peter Niven, CEO of promotional agency Guernsey Finance.
  • The UK government has unveiled implementation plans for new bribery laws and published final guidance for all commercial organisations with a UK presence on complying when the legislation comes into effect on 1 July.
  • Raising new funds could be a challenge for many collateralised reinsurers as questions remain over how much of their capital has been tied up in recent disaster losses, Willis Re said in a report on the April reinsurance renewals.
  • The 11 March Tohoku earthquake and tsunami appear set to activate a number of cat bonds providing second-event cover, including Swiss Re's Vega Capital 2010, Flagstone's Montana Re 2010 and Platinum's Topiary Capital.
  • The number of "open years" at Lloyd's has fallen by over 90 percent in the last six years, figures presented by the Society show, with all non-life syndicates prior to 2006 now closed.
  • The proportion of Lloyd's underwriting capital provided by Names has continued to shrink, the Society's annual results show.
  • The poor performance of motor underwriters has cost Lloyd's more than £500mn - which is equivalent to almost a quarter of the market's pre-tax profits in 2010.
  • Lloyd's ultimate losses from the first Christchurch earthquake last September are expected to come to £428mn ($684mn), which is the biggest single insured loss estimate for the event.
  • Premiums in Lloyd's expansive aviation segment have grown by more than 60 percent in five years, while annual re-rating pressures continue to provide a challenging environment for underwriters.
  • The energy sector at Lloyd's performed well in 2010, despite a number of man-made losses throughout the year.
  • Bermuda has outperformed Lloyd's for the second consecutive year, according to Lloyd's own figures.
  • Lloyd's last week delivered a £2.195bn profit for 2010 in a 43 percent drop on 2009 results, led by falling investment income, cat losses and a woeful showing from motor syndicates.