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April 2011/4

  • Swiss-domiciled (re)insurer Allied World salvaged a net income of $8.6mn from a quarter that was devastated by $132mn of catastrophe losses.
  • James Gerry has parted company with JLT's managing general agent Thistle Underwriters, The Insurance Insider can reveal.
  • Months after rebuffing its larger rival's takeover approaches, Lloyd's insurer Hardy has lured Beazley Group's head of energy Paul Dawson to join the firm and supercharge its energy business.
  • National Indemnity Company's (NICO) reinsurance deal to assume $3.5bn of AIG liabilities is another demonstration of Warren Buffett's enduring appetite for asbestos risk.
  • The Financial Services Authority's (FSA) Solvency II contingent has quadrupled in size in the last year as the regulator tries to keep pace with the EU-set schedule.
  • The UK financial regulator has been criticised by the insurance industry after announcing it will introduce a two-tier system for approving (re)insurers' Solvency II (SII) internal models.
  • Expansionist London market broker BMS has continued to recruit from Willis' broker Glencairn following the arrival of Nick Cook to head its wholesale operation.
  • Property, casualty and treaty managing director Jonathon Proctor has resigned from Colemont Insurance Brokers, The Insurance Insider can reveal.
  • MMC has sent the strongest signal yet that former AIG Europe head Dan Glaser is Brian Duperreault's heir apparent as head of the broking giant.
  • An end to the rebound in the capital markets could put downward pressure on reinsurers' returns on equity unless other market trends change, suggests Aon Benfield's market analysis team.
  • There is little correlation between P&C (re)insurers' underwriting results and investment performance, analysis by The Insurance Insider shows.
  • Last week the crisis at Japan's Fukushima Dai-ichi nuclear power station was raised to the highest level on the International Atomic Energy Agency's International Nuclear and Radiological Event Scale, raising the spectre of additional liability for the plant's operator.