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March 2013/1

  • Banking on Brazil; Paying dividends; Singapore Saville; Amlin acquires; Marsh UK shuffle; Marsh UK shuffle; ANV moves; Xchanging restores…
  • Investment guru Warren Buffett hailed the healthy underwriting profits from his insurance subsidiaries in the annual letter to Berkshire Hathaway shareholders, but warned of "dim prospects" ahead
  • RMS is planning to update two components of its US hurricane model under the new Version 13 release due out this July, with the changes set to bring down its view of hurricane risk from Version 11
  • Aspen Insurance Holdings remains committed to open market primary US property cat despite taking down its probable maximum loss (PML) on the line by $50mn in 2013 for wind and for quake
  • Allianz Risk Transfer (ART) has agreed a three-year deal to provide risk capacity for Bermudian fund manager Nephila Capital, marking the first time the pair have formalised their relationship over a longer term
  • American International Group (AIG)'s suit against Maiden Lane II, the vehicle created by the Federal Reserve Bank of New York to buy toxic mortgage debt from the US insurance leviathan in 2008, was halted late last month
  • Goodyear Tire & Rubber Co has filed a lawsuit against Travelers over an alleged breach of contract relating to asbestos-related claims
  • If a listed US company is being acquired in a large M&A transaction then it is almost guaranteed that a shareholder suit will follow. The odds are, however, that the shareholders won't benefit - but the lawyers might
  • Hollywood-based activist Patricia Asseff has sued the state-owned Citizens Property Insurance for "unfairly" seizing $190mn from Floridian homeowners, a court filing shows
  • The Bermuda Form - the liability wording developed by Bermudian start-up (re)insurers such as Ace and XL in the mid-1980s - was put to the test in the UK High Court last month and produced a positive verdict for insurers
  • The defunct, George Soros-backed reinsurer Glacier Re has withdrawn from arbitration proceedings and given up its claim to have Hurricane Ike claims covered by its 2008 Nelson Re cat bond
  • US insurer Nationwide Mutual has added another $270mn cat bond cover through a new Caelus Re issuance, as the coupon on the transaction fell by 2 percent during the marketing process...