January 2009/4

AIG appoints new chief investment officer; managerial restructuring...

Bermudian-based PartnerRe recorded a 12 percent cancellation rate during its key 1 January renewals; a figure which it said was the lowest seen over the last five years and reflects "a reversal of the trend of increasing client retentions."

Hiscox Ltd, the UK quoted (re)insurance group, has joined a growing number of (re)insurers reporting hardening US catastrophe rates in the key January renewals season.

US run-off specialist Citadel Risk Management has acquired "substantially all"of broking group AJ Gallagher's reinsurance run-off portfolio in a move which the Citadel group described as an "opportunity to create a runoff sector for the reinsurance interm

The Chicago Mercantile Exchange (CME) has traded $30mn notional limit of its CHI hurricane cat futures in the first weeks of 2009, as reinsurance broker Carvill withdraws from the initiative which it founded in 2007.

Investment bank Merrill Lynch has agreed to pay out $475mn and $75mn to settle two class action lawsuits filed against it in relation to its sub-prime related losses.

Aioi Insurance, Mitsui Sumitomo (MSI), and Nissay Dowa confirmed plans to merge by April 2010, creating Japan's largest non-life insurer with a combined market value of approximately ¥1.4tn ($11bn).

Bermudian (re)insurer Validus Holdings Ltd joined the crowd of underwriters increasing their loss estimates from Hurricane Ike as the harsh impact of the September 2008 storm continues to mount.

Shipowners face a hike in premiums next month after the International Group of P&I Clubs (IG) unveiled general increases on all classes of vessel in its excess of loss reinsurance renewal...

Outgoing Hannover Re and E+S Rück CFO Elke König has been tipped for a role at giant reinsurer Swiss Re, according to sources.

AJ Gallagher is to acquire the renewal rights from a Liberty Mutual middle-market commercial property/casualty business in a deal potentially worth nine figures.

The drag of Transatlantic Holdings' relationship with majority shareholder American International Group (AIG) was evident in the downgrade of its core operating companies' financial strength ratings from AA- to A+ by Standard & Poor's last week.