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January 2012/2

  • Analysts have struck an upbeat tone on opportunities for P&C insurers in 2012 following a heavy cat loss year and a turbulent period for equity markets amid Eurozone financial stresses
  • Outstanding capacity in the cat bond market expanded slightly in 2011 to reach $14bn after closing $4.6bn in new placements during the year, according to Aon Benfield data
  • With global reinsurers' and brokers' insured loss estimates for 2011 natural catastrophes ranging from $100bn to $106bn, last year looks set to outstrip 2005's record losses
  • The cat bond market is soaking up new demand for peak European and US reinsurance cover after retrocession capacity was squeezed at the 1 January 2012 renewals
  • Despite a mixed picture in the overall renewal season, property catastrophe reinsurers will take some cheer that the last two years of non-peak cat losses have effectively placed a new prospective 2 percent floor on the minimum cost of capacity in the class
  • Florida must substantially reduce pressure on its state-supported (re)insurance operations and strengthen the private market, according to a new Florida State University report
  • Catastrophe model changes helped drive increasing divergence in the reinsurance market at the 1 January renewals, as suppliers become more inclined to follow their own risk projections
  • Cat reinsurance renewal pricing for the industry's largest cedants threw up few surprises and varied little from the indicative country-wide pricing that has been made public
  • Fresh signs of growing unease among international regulators over the "risk free" status of sovereign debt have emerged, as Europe's creaking financial system
  • As year-end and renewal reports have been contrasted with outlooks for 2012, a consensus has emerged that reinsurer capital levels are approximately stable year-on-year
  • The European insurance watchdog has warned that the region could be facing a full-scale "meltdown" without decisive and comprehensive action from policymakers to reassure markets
  • Plaintiffs suing former MF Global CEO Jon Corzine are forming an orderly queue to be lead plaintiff in a class action suit over the once mighty broker's spectacular failure
  • 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