February 2012/3

Validus CEO Ed Noonan has criticised some of the reinsurer's Bermudian peers for failing to make detailed disclosures on their exposure levels and likely cat losses.

Moody's has downgraded the financial strength ratings of three of Japan's biggest insurers, Tokio Marine, Mitsui Sumitomo and Sompo Japan, following the recent hikes in their net loss estimates from the Thai flooding.

The risk management capabilities at PartnerRe did not keep pace with the organisation's growing complexity after its $2bn Paris Re acquisition, explained Standard & Poor's (S&P) as it downgraded the reinsurer's financial strength rating by one notch to A+.

Newly launched wholesale and facultative broker Faber has access to Willis Group funds for accretive acquisitions in the London market and beyond, and is already in discussions with third parties, according to its founding CEO.

Digest: Shares in The Hartford leapt to a 52-week high last week after the firm's largest investor - hedge fund Paulson & Co - demanded the group spin-off its under-performing life business.

QBE has closed its 2009 results for its flagship Syndicate 386 with the final profit coming in a third higher than previously estimated, according to information from third-party capital adviser Argenta.

The beleaguered onshore energy market could be facing a $340mn loss as a result of damage to a coal-fired power station in Texas that occurred while it was undergoing testing last year, sister title Inside FAC has revealed.

The news of Willis' about turn on accepting contingents on a portion of its book has sparked speculation that it may soon change its stance across all classes, and has once again reignited the broker remuneration debate.

Major reinsurance programme renews up despite Costa Concordia not being taken into account.