May 2011/3

The debate over the impact record Q1 catastrophes and model changes are having on the reinsurance market took centre stage in New York last week.

Management reshuffle as Paraline looks to grow platform; Cooper Gay UK merges energy and non-marine leadership; AHJ boss Price relinquishes CEO role; BP doubles captive loss limit after $590mn Deepwater hit

If The Hanover's bid to take over Lloyd's insurer Chaucer plc is successful, shareholders in the UK-listed firm will receive their cheques on or around 15 July.

Lloyd's $3.8bn of catastrophe losses from Japan, New Zealand and Australia exceed its estimated 2010 premium base for those three countries by $1.6bn, analysis from The Insurance Insider shows.

Investors have already given indications of interest for around half of the trimmed down $9bn AIG share offering by the company and the US Treasury, according to reports.

US wholesale broker CRC has claimed that RT Specialty's mass hire in 2010 cost the company around $575mn in annually placed business, according to court documents.

AM Best has thrown its weight behind the growing mass of opinion that US reinsurance rates will harden at the 1 July renewals, leaving Aon Benfield as almost the lone dissenting voice.

WR Berkley Corp has announced the launch of a London market reinsurer that will begin underwriting in the fourth quarter of 2011.

French mutual insurance group Groupama's insurer financial strength rating has been downgraded from A- to BBB+ by Standard & Poor's (S&P) because of its "material exposure to Greek government bonds".

Citizens Property Insurance Corporation's return to the private reinsurance market after a two-year hiatus to purchase up to $580mn of cover has raised hopes that Florida's state-backed insurer will become a consistent buyer of the product.

The portion of the New Zealand Earthquake Commission (EQC)'s reinsurance programme that renews at 1 June will see a 130 percent premium increase, market sources explained to The Insurance Insider last week.

Bermudian reinsurer White Mountains looks set to end its lengthy wait to enter the Lloyd's market with a syndicate primed for a 1 July start, The Insurance Insider can reveal.