May 2011/1

RMS has called for S&P to take a multi-model view on rating cat bonds after the latter announced plans to review a group of bonds under the modelling agency's new hurricane model.

Prices on the Muteki cat bond for Japanese carrier Zenkyoren have plummeted in the secondary market after ratings agency Moody's warned it was set to be a complete loss to investors.

As Cooper Gay announced its results, fellow privately held IPO candidate, broking and MGA group Hyperion was unveiling its latest acquisition.

Wholesaler Cooper Gay Swett & Crawford suffered pre-tax losses of $8.5mn in 2010 as it reported for the first time as a combined entity.

It has been busy month in the broking word as many switched allegiances and reshuffled their management teams.

The major brokers produced a strong recovery in their Q1 revenues amid returning global economic growth, as firms with the greatest exposure to the fastest-growing economies performed the best.

The prospect of changing market conditions for US and Bermudian P&C (re)insurers appears to have brought a subtle shift in the sector's investor base this year towards institutions focused on "growth" rather than "value" strategies.

First quarter catastrophe losses wiped an average 8.53 percent off investors' capital held in international reinsurers, according to The Insurance Insider's loss table.

Swiss Re confounded market expectations by keeping its Japan losses static as it reported a net $665mn loss for the first quarter.

Catastrophe losses have caused a batch of red ink results among reinsurers this quarter. But a mid-season tally compiled by The Insurance Insider shows that they have kept losses to an average 5.28 percent strike on 2010 year-end shareholder equity.

Global (re)insurers' share buyback programmes will be put on hold in wake of first quarter catastrophe losses, predicts Aon Benfield.

Names with exposure to dedicated Lloyd's motor underwriter Equity Syndicate 218 have begun voicing concerns as the syndicate revealed a £499mn loss for 2010 on an annual accounting basis.