June 2011/5

Ratings agency Standard & Poor's (S&P) has predicted that New Zealand reinsurance pricing may more than triple at the July renewals after the Christchurch earthquake losses.

Some 5,000 properties in Christchurch, New Zealand will be abandoned under a government plan unveiled last week.

Specialty US insurer Assurant has released details of its $1.3bn reinsurance programme for property catastrophe cover, which it placed with more than 40 reinsurers at the 1 January and 1 June renewals this year.

Global marine conglomerate AP Møller-Maersk (Maersk) is believed to have cancelled its account with Marsh and has also reduced its placements with Aon, taking the bulk of its insurance business to rival broker Willis, it emerged last week.

Randall & Quilter (R&Q) has continued its aggressive expansion by creating a managing general agent (MGA) writing across a range of bespoke liability and personal accident products.

Ascot has increased its 2011 Lloyd's stamp capacity from £600mn to £650mn, according to a statement from the American International Group subsidiary.

Lonmar Global Risks has defended its decision to sell its highly regarded casualty and exceptional risks business to Gallagher International.

Swiss Re has appointed Christian Mumenthaler to the new role of CEO of its subsidiary Swiss Reinsurance Company, effective from October.

Lloyd's managing agents and members of the International Underwriting Association are unlikely to face charges for connecting to the London market electronic exchange, The Insurance Insider has learned.

Caribbean insurance group Sagicor Financial Corp has cancelled plans to sell its Lloyd's business due to lack of interest, The Insurance Insider understands.

Zenkyoren, the industry's largest cat reinsurance programme, is to renew up by around 50 percent when signings are completed this week, The Insurance Insider understands.

Transocean blames BP; Lancashire gets A marks; Hooper confirmed as Cooper Gay CEO; Elite turns back on UK solicitors' PI ; Maiden in $100mn debt re-fi; Claims servicers hook-up; Sciemus enters orbit of launch insurance sector; Cable warns against investor ‘short-termism'; Montpelier in $250mn credit deal; Canopius UK retail refit; Surety thing for Travelers in Brazil; Stakeholders land at Eiopa group; R&Q boosts Booth; Tysers hires PI;  Aspen lures Allied SVP for UK PI; R