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June 2011/3

  • Bermudian reinsurer Argo Re has secured $100mn of second event multi-peril cover with its first cat bond, Loma Re, sister title Trading Risk revealed.
  • The medieval city Norwich once again becomes the unlikely setting for the global run-off world as industry figures converge on East Anglia for the latest instalment of the R&Q Rendez-Vous.
  • Failed New Zealand insurer Western Pacific Insurance (WPI) will not have sufficient funds to meet its projected total claims, its liquidators Grant Thornton have warned.
  • The information presented to underwriters attaching to the placement of music promoter AEG's non-appearance cover for Michael Jackson's cancelled 2009 comeback concerts claims the artist had not seen any doctors other than a cosmetic specialist since June 2005, according to a court filing last week.
  • The proliferation of lawsuits after the Macondo/Deepwater Horizon oil explosion shows that such disasters can be way beyond what the insurance industry can deal with, Barlow Lyde & Gilbert partner Tim Taylor has warned.
  • Michel Barnier has hit back at criticisms of the Solvency II (SII) initiative from insurance groups, claiming the new regime was necessary to replace the current "outdated" approach that does not reflect the economic reality of how insurers' run their business.
  • (Re)insurers continue to face the threat of punitive regulation that could force them to carry more capital in the fall-out from the financial crisis, according to XL Group CEO Mike McGavick.
  • RSA's Brown warns of nasty surprise for SII second tier; Insurers are not like banks, G20 told
  • European (re)insurance federation the CEA and 11 other international trade bodies, including the Association of Bermuda Insurers and Reinsurers and the Reinsurance Association of America, have written to the Insurance Superintendent of Argentina to express strong concerns over proposed regulations that place severe restrictions on cross-border reinsurance.
  • Insurers' ability to wriggle out of obligations by citing meaningful non-disclosure will be eroded if proposals unveiled by Airmic at its annual conference in Bournemouth last week become widespread.
  • Major insurance-linked investor Credit Suisse Asset Management (CSAM) has ratcheted up its industry loss warranty (ILW) capacity in the past six months, marking a swift turnaround in policy as cat bond sales dragged.
  • A handful of small to mid-sized European ILS fund managers have succeeded in riding the wave of interest in insurance-linked investments by raising over $250mn in recent weeks.