January 2012/2

Loss-free aviation excess of loss reinsurance rates dropped while the loss-heavy space market also lowered prices at 1 January

The two former partners on the ill-fated Macondo oil well site continue to trade punches in US courtrooms

Berkshire Hathaway lived up to its reputation as the consummate opportunist by becoming one of the biggest reinsurers in Thailand overnight on 1 January, The Insurance Insider revealed.

Energy reinsurance renewals have proceeded with rate rises and higher retentions after a year of high losses

Brazil's oil regulator has sanctioned Chevron for the third time over the Frade oil field spill last year

If it is received wisdom that no New Year's resolution has a lasting impact, then Chartis' determination to emerge in 2012 with a slimmed down catastrophe reinsurance programme may be the exception that proves the rule.

A New York court has granted victory to Aon in its long-running legal battle against rival broker Alliant by issuing an injunction against former senior Aon construction broking executive Michael Cusack and his new employer

London-headquartered (re)insurance broker RFIB has initiated steps to overhaul its underperforming business after its 2011 results were weighed down by the discovery of £1.5mn of bad debt

UK insurance distribution group Hyperion is conducting due diligence on independent London market broker Windsor Ltd with a view to a possible takeover

Broker Aon has agreed to pay $16.3mn to US regulators and prosecutors to settle a case over bribes allegedly paid in developing countries

Although 2011 will probably not be remembered as a year when the legacy market made hay, it has not passed without significant business being done by market participants

The low valuations of most quoted (re)insurers is tempting run-off acquirers that would then look to sell on the renewal rights before winding-up the business, according to Aon Benfield