December 2010/3

US wind prices on industry loss warranty (ILW) contracts have dropped by as much as 20 percent for certain triggers after the hurricane season closed, according to broker Aon Benfield Global ReSpecialty.

Chartis subsidiary National Union Fire Insurance Company of Pittsburgh (NUFI) last week almost doubled the size of its second Lodestone cat bond issuance, placing $450mn at the expense of the collateralised reinsurance market.

Independent London market broker Besso is in takeover talks with LDC, the private equity arm of UK bank Lloyds TSB, The Insurance Insider can reveal.

AM Best has upgraded the outlook on Swiss Re's A financial strength rating from stable to positive to reflect the action taken by management to repair the business following its difficulties in 2008.

Generali shares came under selling pressure last week, with investors fearful that it may endure impairment charges on its investment portfolio in the last quarter of the year.

The Reinsurance Association of America (RAA) has thrown its weight behind legislative proposals to license reinsurers at a federal level to create greater global harmonisation of regulatory standards.

Everest Re Group's approach to buy Kansas-based managing general agent (MGA) Heartland Crop Insurance Inc (HCI) is the latest in a flurry of M&A activity in a US agricultural insurance sector still seen to offer attractive underwriting opportunities.

As generally dire underwriting conditions continue to persist in the US property casualty sector, there are at least signs of encouragement in workers' compensation insurance.

Little doubt remains on the outcome of the joint Apollo-CVC bid for Brit Insurance after a series of resolutions on the make-up of the board were overwhelmingly approved by shareholders last week (17 December).

The current owners of the Lloyd's building have fuelled speculation about the property's future, confirming that its portfolio managers are monitoring the market although it is not "actively" up for sale.

Hardy has opened up an early lead over Beazley as the two companies put share buyback plans into effect to help limit the adverse effect of the failed takeover on their share prices.

Lloyd's business plans are budgeting a 3 percent increase in casualty premiums in 2011, as managing agents project an improvement in profitability of just over 5 percent next year.