February 2011/5

Bermudian Tokio Millennium Re (TMR) is the seventh international reinsurer to be granted approval by the Florida Office of Insurance Regulation (FLOIR) to post lower collateral against losses incurred in the state market.

Allstate is replacing the bulk of its state-by-state and aggregate catastrophe reinsurance covers with a giant $3.25bn xs $500mn nationwide programme, The Insurance Insider can reveal.

The comprehensive property cat programmes bought by Australia's big three insurers continue to pay off, with the bulk of losses from last week's deadly New Zealand quake expected to transfer to the heavily hit international reinsurance community.

AIG downgrade; Brit offer extended; Bermudian stats; Queensland looking at buying RI; Ramani Ayer joins XL board; Goss becomes Advocate Re; Agnew Gallagher; Montpelier Re...

Underwriters on the New Zealand Earthquake Commission (EQC)'s reinsurance programme will be limited in their ability to use rate rises to get payback for losses because of the NZ$2.5bn programme's three-year rolling renewal.

Class of 2005 reinsurers Validus and Flagstone Re have both updated their first quarter Australasian loss estimates.

"When leverage works, it magnifies your gains. Your spouse thinks you're clever, and your neighbours get envious. But leverage is addictive. Once having profited from its wonders, very few people retreat to more conservative practices."

International (re)insurers are now facing a first quarter catastrophe loss bill of $15bn+ as the scale of the devastation in Christchurch, New Zealand became apparent last week