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February 2012/1

  • Reinsurer Scor said it experienced an overall rate increase of 2.2 percent across the EUR2bn of premium that renewed on the 1 January, fuelled by strong pricing in property cat business after last year's $100bn+ of catastrophe insured losses.
  • The Lloyd's platform of private equity backed Prosight Specialty Insurance is set to add new classes of business and a portion of the US book will transfer to London as it plots expansion in 2012, The Insurance Insider has learned
  • Investors are keenly anticipating Swiss Re's full-year financials, released 23 February, for news on a potential share buyback, though views are currently divided on whether the reinsurance giant will hand back capital or retain it to utilise in underwriting opportunities.
  • Further evidence of a turn in the underlying US insurance market was a consistent management theme during the earnings calls of early reporting P&C (re)insurers
  • German reinsurers Munich Re and Hannover Re were bullish on the outcome of the January renewals as they released preliminary results last month, although both warned there was no widespread pricing reaction to last year's catastrophe losses
  • The global brokers are a useful bellwether for the fortunes of the industry as a whole
  • The industry Thai flood loss estimate was poised to edge past $8bn after Lloyd's (re)insurers Amlin and Beazley unveiled figures on 7 February that suggested Lime Street cat writers could face a proportionately higher exposure to the loss than their Bermudian counterparties
  • Like December 2011, January was a strong month for global (re)insurance stocks. Does it imply investors foresee a "market turn"?
  • The future direction of the US nuclear industry's mutual insurer, Nuclear Electric Insurance Limited (Neil), is unclear at the start of 2012 as the organisation faces possibly the largest claim in its 38-year history, sister title Inside FAC has reported
  • The $1.75bn insolvency and default of European oil refiner Petroplus Holdings in January is set to be a significant event for the trade credit market, The Insurance Insider has revealed
  • With the reporting season in full swing, one of the defining features so far has been the substantial uplift in loss estimates for 2011 cat events - which are estimated to have cost the industry more than $100bn in total
  • The Costa Concordia shipwreck is set to cost the industry $750mn-$1bn, with losses widely spread around the market, according to the full details of the $500mn hull insurance placement obtained by The Insurance Insider
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