June 2010/1

Guy Carp unveils new capital markets CEO; TigerRisk expands; Glacier's Nelson Re review pulled

An attempt by the Insurance Futures Exchange (IFEX) to have cat derivatives recognised as reinsurance by Florida regulators failed to pass into law before the legislative session closed.

Bermudian (re)insurer Lancashire Group's head of retro, Bryan Bumsted, has resigned to join George Soros-backed Q Re, Trading Risk revealed late last month.

Six cat bonds valued at more than $1.5bn were released in a late May rush of insurance-linked securities (ILS) issuance, taking total capacity available to (re)insurers at the start of the US hurricane season to $2.4bn.

The Deepwater Horizon oil spill was followed swiftly by the loss of the Aban Pearl gas rig off the coast of Venezuela on 13 May, which is set to cost the market some $235mn.

Energy mutual OIL is set to emerge as a winner following the Horizon loss as capacity tightens across the market, The Insurance Insider understands.

Florida Governor Charlie Crist's populist veto of the state property insurance bill has set him against his own insurance commissioner and denied measures that would have played well with voters.

As the 1 June ushered in the official start to the US hurricane season, all of the major weather forecasters were united in predicting a higher than average chance of storms making landfall

Between them 13 heavyweight investors own just under half of the publicly traded Lloyds insurers' equity, The Insurance Insider can reveal.

Motor underwriter Equity's Syndicate 218 could lose almost £200mn on its 2008 and 2009 years of account after a dramatic deterioration in its claims experience.

Lloyd's is in the final stages of assembling a delegation of underwriters, brokers and loss adjustors to dispatch to Chile

Lime Street's quoted (re)insurers - like many of their global P&C counterparts - are trading at brutally low valuations, caused by the soft market and investor jitters about the sector's earning prospects and financials generally