Reinsurance

AIG has taken a huge 40 percent line on a newly consolidated property cover for retail giant Walmart that rolls its expiring US placement into a global structure, The Insurance Insider can reveal.

Aspen Bermuda has returned to the cat bond market for the first time since the 2008 financial crisis, as it seeks to raise $150mn to cover US and European catastrophe risk, sister publication Trading Risk has reported.

Tom Booth, former CFO at Randall & Quilter (R&Q), has been lined up to become the next CEO of Darag, according to sources.

Selective Insurance Group recorded $26mn in net pre-tax catastrophe losses in the first quarter, mainly from an early January blizzard that hit the US Northeast and several Nor’easters that struck the region last month.

A more active Atlantic storm season this year is likely to produce seven hurricanes, three of them major, according to forecasters at Colorado State University.

Liberty Syndicate 4472 fell to a $118.7mn loss last year amid a high volume of major losses from three major North Atlantic hurricanes, California wildfires and the Adnoc refinery explosion.

The US Federal Emergency Management Agency plans to turn to the insurance-linked securities market to bolster its flood cover through a July placement.

Head of Arcus Syndicate 1856, Rajiv Punja, has left the company, sister publication Trading Risk has reported.

Property reinsurance rates remained broadly flat on loss-free accounts at the 1 April renewals, according to a Willis Re report.

Catastrophe data aggregator Perils has pegged its second loss estimate for extra-tropical Cyclone Eleanor, also known as Burglind, at EUR680mn ($836.7mn).

Chaucer is set to reinsure to close its UK division's book of business for the 2015 year of account.

Chaucer is set to reinsure to close its UK division's book of business for the 2015 year of account.