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January 2015/2

  • Despite the rating bloodbath at the 1 January renewals, there was some respite for second-tier global reinsurers, which may now see more business as cedants look to manage their counterparty credit exposure, senior broking executives have explained
  • As the dust settles on the January renewal, reinsurers and brokers are still dealing with the fall-out of the initial non-renewal of Tria last month and the swift reauthorisation of the US terrorism backstop in the New Year
  • Global reinsurance broker Aon Benfield has predicted a continuation of the multi-year slump in US property catastrophe rates at the 1 April, 1 June and 1 July 2015 renewals, The Insurance Insider has learned
  • Liberty Mutual placed a tranche of three-year property catastrophe reinsurance cover as it took advantage of the ultra-soft property catastrophe market in the January renewals, The Insurance Insider has learned
  • Tysers, the independent Lloyd's broker, has settled an unfair dismissal dispute brought by former COO Quintin Heaney after he was sacked in 2013.
  • Allianz Global & Corporate Specialty (AGCS) completed the second part of a transition from buying standalone risk covers to a single multi-line aggregate structure at 1 January, The Insurance Insider can reveal
  • US government-sponsored domestic loan and mortgage company Freddie Mac is suing a number of insurers for more than $110mn after they refused to pay out over one of the largest frauds in US history.
  • Wall Street banks are struggling to find companies interested in participating in the Montpelier Re sales process as the deadline for first-round proposals approaches, The Insurance Insider understands
  • The UK government remains committed to making the London (re)insurance market as competitive as possible, a senior Treasury minister has said.
  • President Obama signed into law legislation earlier this month (12 January) to renew government terrorism backstop the Terrorism Risk Insurance Act (Tria) for six years, in a move roundly applauded by the (re)insurance industry.
  • Despite raising the "for sale" sign almost two months ago, no buyers have appeared that are willing to take on Towergate's £1bn debt mountain
  • Last month John Parry was confirmed as director of finance at the Corporation of Lloyd's, having previously been acting director of finance since July 2014. Here, he discusses the key risks facing the Corporation's treasury and investment management, and what changes he's made to the asset allocation