February 2014/4

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Hannover Re can draw on just over $320mn of retrocession cover from its longstanding quota share programme for 2014, sister publication Trading Risk reported in its February edition.

Swiss Re, the world's second-biggest reinsurer, has reported a steeper drop in gross premium volume at the 1 January renewals than its European big three peers Munich Re and Hannover Re.

Listed UK and European (re)insurers have mostly chosen to return spare capital to shareholders in the form of special dividends, in contrast to their US counterparts, which favour share buybacks.

XL Group joined the growing list of US-listed (re)insurers unveiling new or increased share repurchase programmes this year, as it said on Friday (21 February) that its board had authorised it to buy back up to $1bn of its ordinary shares.

Axis has become the latest cedant to retain more of its professional lines book as demand for the treaty product continued to fall.

The advent of non-traditional capital in the casualty treaty space could change the landscape of the market because of its structural advantages when it comes to pricing risk, according to Andrew Newman, global head of casualty at Willis Re.

Chicago-based insurer CNA has confirmed that it has axed the Bermuda office of Lloyd's subsidiary Hardy two months after Inside FAC first revealed the move.

Aspen chief executive Chris O'Kane has extolled the high returns generated by property facultative business but warned of constraints in growing the book.

Bermudian reinsurer Maiden Holdings is aiming to boost underwriting results by growing its specialty facultative business in the US.

A number of Lloyd's syndicates have benefitted from reserve releases from the 2010 year of account, which absorbed much of the international earthquake losses of early 2011, as they closed their 2011 year of account.

Scor's Channel syndicate and White Mountains' Sirius syndicate are moving closer to securing their own managing agencies at Lloyd's and leaving third-party managing agency Asta, The Insurance Insider understands.