July 2011/4

Second quarter catastrophe losses and deteriorating estimates from events in Q1 have pushed Platinum Underwriters Holdings to a $20.4mn net loss for the period, taking the reinsurer's deficit for the first half of 2011 to $177.6mn.

The quoted Lloyd's (re)insurers have shrunk by an average of 11 percent in the past six months as a result of the brutal roll-call of 2011 catastrophe losses.

Beazley's $24.2mn half-year loss got a mixed reception from analysts last week, as the company reported a 108 percent combined ratio on major disaster losses of $183mn.

Transatlantic CEO Bob Orlich could receive $17.5mn under the change of control provisions of his contract if he leaves the reinsurer following a Validus takeover.

Pivotal Transatlantic shareholder Davis Selected Advisors has turned down the opportunity to become an "insider" on the TransAllied deal, The Insurance Insider understands.

Validus' pursuit of Transatlantic Holdings is growing increasingly hostile, as the Bermudian rejected a request to sign an agreement not to approach the US company's shareholders without its board's permission.

Peter Boardman, the co-head of BMS' newly launched Professional & Financial Services division, has resigned and is expected to re-emerge at rival London wholesaler, Lloyd & Partners.

American International Group (AIG) is beginning to show signs of recovery, but the US taxpayers' return from its rescue of the firm will depend on its long-term health and market conditions, according to a report from the US Government Accountability Office (GAO).

Steel magnate Lakshmi Mittal may contribute to the financing of Tawa's circa-$50mn attempt to buy Lloyd's managing agent Whittington, The Insurance Insider can reveal.

Annual average losses (AAL) computed by Eqecat's updated North Atlantic Hurricane model are down circa-10 percent overall compared to its predecessor.

With broad consensus pointing to hardening prices at the mid-year US property cat reinsurance renewals, there is also growing evidence of rate rises on underlying primary property business in the world's biggest insurance market.

Suncorp's loss notification for the second Christchurch earthquake has grown yet again, as the Australian insurer increased its loss estimate by A$500mn to A$2.1bn this month, The Insurance Insider can reveal.