December 2011/1
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Swiss Re CEO Stefan Lippe will take early retirement in 2012 as the reinsurer starts the search for his successor, the company announced today (12 December).
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Global reinsurance broker Aon Benfield is being sued by a cedant company over a loyalty fee that was alledgedly withheld after the insurer switched its account to Guy Carpenter
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The Tokio Marine-led programmes of Mitsubishi and Nikon are expected to incur heavy losses running into hundreds of millions of dollars from the Thai floods, The Insurance Insider understands
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International reinsurers are facing losses of up to $2bn on three surplus treaties purchased by Tokio Marine's Thai joint venture
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Following the Thai flooding, attention has so far focused on reinsurance losses from the Japanese big three and regional (re)insurers, but global insurers' international cat programmes are also expected to take losses.
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Up to 75 percent of losses from the Thai flooding are likely to end up with the reinsurance and retrocession markets.
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The withdrawal of CCR - one of Thailand's market-leading reinsurers - will almost inevitably be followed by other carriers as the region faces up to the "unmodelled" scale of its loss exposures and amid predictions that not all carriers will survive unless recapitalised
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The developing Thai flood loss has proved "the straw that broke the camel's back" for the retro market, signalling a hardening environment and a 1 January renewal that will match the reinsurance market for its difficulty and lateness
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Figures put together by The Insurance Insider from official industry forecasts and market sources suggest that total insured losses from catastrophic events with expected losses of $100mn or more total $94bn
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The experience of continental reinsurers Hannover Re and Scor in 2011 highlights the value of retro as a product, but also the challenge of renewing cover in a tighter post-loss market
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Only four out of 19 US reinsurers escaped an underwriting loss in the first nine months of 2011, as combined ratios were battered in a period dominated by the frequency and severity of catastrophe losses
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Despite the lack of firm orders, the 5-15 percent price increases broadly agreed to have been present at midyear are likely to be matched at 1 January
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