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.

The stragglers for reporting losses from the Japanese earthquake brought no surprises over the past week, taking total losses from the 11 March disaster to $9.7bn, according to The Insurance Insider's loss tally.

Underwriting losses for US P&C insurers more than trebled in 2010 compared to 2009 to send combined ratios further beyond 100 percent, according to data from ISO and the Property Casualty Insurers Association of America (PCI).

As tornadoes and severe storms once again lashed the Midwest and southern US this week, insurers are beginning to tot up claims from last week's outbreak of destructive twisters.

UK-listed Lancashire Group says it will take a surprisingly modest $75mn loss from the 11 March Tohoku earthquake and tsunami, which is disproportionately lower than London market peers despite the firm's short-tail focus.

Platinum Underwriters unveiled a Q1 net loss of $157.2mn as it opened a reporting season where many of its peers are expected to be in the red following record catastrophe losses.

Lloyd's insurer Beazley says it still expects to make an underwriting profit this year despite taking $154mn in catastrophe losses in the first quarter.

The Hanover may still encounter problems securing the required level of shareholder support despite tabling a bid that values Chaucer at almost 1.3x book, with leading shareholder Pamplona threatening to lead opposition to the offer

RSA upgraded; Towergate founder steps back; Texas Instruments takes $30mn Japan hit; Brit rating review lifted; Securities legal action set for record 2011; Alterra promotes underwriting staff; Brown & Brown profits up 5%; Barbican pays tribute to colleague

Private-equity-backed Lloyd's (re)insurer Canopius Group is reserving for $26mn of losses from the Australian and Kiwi cats in the first quarter of this year, The Insurance Insider has learned.

The London-quoted Lloyd's carriers will lose between 5 and 10 percent of year-end shareholder equity if their preliminary Japan loss estimates stand the test of time.

Munich Re will report a first quarter loss on heavy natural catastrophe losses, CEO Nikolaus von Bomhard has told shareholders.

Among the many memorable characters in Chaucer's Canterbury Tales is the Wife of Bath.