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January 2012/4

  • PartnerRe wrote just $256mn of cat premiums at 1 January as it reduced its top line in the sector by 15 percent despite the strong rate increases achieved in the class
  • Talbot Underwriting CEO Rupert Atkin will replace Barnabas Hurst-Bannister as chairman of the Lloyd's Market Association (LMA) from 1 February
  • The increased focus on run-off portfolios created by the incoming Solvency II regime (see above story) will lead to greater use of schemes of arrangement by continental (re)insurers, according to PricewaterhouseCoopers' scheme tsar Dan Schwarzmann.
  • Europe's forthcoming Solvency II regime is widely predicted to be a boon for the legacy management sector, as (re)insurers look to spin off discontinued books to professional management in order to avoid capital charges.
  • Elaina Apatoff, a sufferer of asthma and pulmonary hypertension, has sued Munich Re in the US after the reinsurance giant dismissed her from her job.
  • Brokers will no longer be liable to pay the premium in the event that an insured becomes insolvent or refuses to pay, if proposed changes by the UK Law Commission are accepted.
  • A Dutch court has sanctioned a securities class action suit for investors in the late-2001 carve-out of Zurich Financial Services (ZFS)' reinsurance arm Converium, the first collective settlement to be agreed on a transatlantic basis.
  • Royal Bank of Scotland (RBS)'s newly restructured insurance operation has been fined £2.2mn by the Financial Services Authority (FSA) for failing to prevent documents submitted to the UK regulator from being improperly altered.
  • The key European parliament committee responsible for proposing changes to the Omnibus II draft legislation has delayed a vote on the text until 21 March.
  • Stricter regulatory rules under Solvency II could cause a limited outflow of captive entities from the EU, according to ratings agency Fitch.
  • Cat bond brokers are expecting 2012 sales to reach at least $5bn as interest in buying alternative reinsurance solutions grows amid a hardening property catastrophe market.
  • A handful of new cat funds made their mark on the 1 January renewal season, deploying significant capacity into the collateralised reinsurance and retro, industry loss warranty (ILW) and cat bond markets.
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