June 2010/3

The overall claims cost to political risk underwriters of the global financial crisis so far is approaching $2.5bn, according to Bermuda-headquartered (re)insurer Aspen.

(Re)insurer Aspen has become the latest company to declare a loss relating to Deepwater Horizon, with its estimate in the region of $15mn-$25mn.

Industry declared losses in relation to the Chile earthquake have now reached $6.5bn, after Swiss Re became the latest (re)insurer to up its loss estimate with a new figure of around $630mn.

All Lloyd's managing agents have been written to inviting approaches for the reinsurance-to-close (RITC) of two of the largest ‘open-year' syndicates, the ill-fated Goshawk 102 and Alleghany 376, The Insurance Insider understands.

US crop insurers and their reinsurers are digesting a watered down final version of the legislation that governs the relationship between public and private provision of cover.

Expansive US reinsurance broker TigerRisk has won the account for Florida specialist insurer Homeowners Choice Inc from giant Aon Benfield, The Insurance Insider can reveal.

Axis Capital has settled its political risk/financial credit exposures relating to Blue City, the $20bn real estate project in Oman that has become a totem for the industry's aggressive expansion into writing risky credit insurance in emerging economies.

Russian-backed private equity investor Pamplona Capital Management is reported to have withdrawn its application to the UK's Financial Services Authority (FSA) for approval to build on its 9.99 percent stake in Lloyd's insurer Chaucer.

Continental Europe offers huge opportunities for the run-off industry with the discontinued market in the region's German-speaking countries totalling EUR115bn at the end of 2008, according to a new KPMG survey.

The riots in Bangkok last month have burnt the nascent standalone terrorism (re)insurance market with $1bn total losses and the need for a complete overhaul, sister publication Inside FAC has revealed.

Cooper Gay is to press ahead with an initial public offering (IPO) in New York as early as next year, once it completes its imminent merger with US wholesaler Swett & Crawford, The Insurance Insider understands.

Brit Insurance's key shareholders, including Schroders, Third Avenue, Artisan Partners and Jupiter Asset Management, will be key to the success this week of Apollo Management's £800mn buy-out bid.