November 2011/3

The status of France's prized AAA debt rating could be threatened by the current Eurozone turmoil, with rating agency Moody's warning that it may face a downgrade.

The escalating Eurozone debt crisis is not just piling pressure on the continent's banking sector, as (re)insurers in pressurised nations continue to feel the financial squeeze amid a continent-wide panic.

Insurance brokers in New Zealand are looking into forming captive insurers for their clients as reinsurance rates climb after the Christchurch earthquakes, according to AM Best.

The New Zealand Earthquake Commission (EQC) has reported a NZ$7.1bn deficit for the year to 30 June 2011 after taking $11.4bn in claims over the period that included the three major Christchurch earthquakes, according to its annual report.

Floods in southern France during November are expected to cost insurers between EUR600mn and EUR800mn, according to first estimates from the FFSA, the French insurance federation.

Japanese insurer MS&AD has forecast net losses of 130bn yen ($1.7bn) from the Thai floods, while Tokio Marine is expecting to retain losses of 100bn yen ($1.3bn).

Stuart Beatty, who left his position as executive managing director of Aon Benfield Fac's Asia-Pacific (APAC) operations at the start of September, has resurfaced at JLT Reinsurance Brokers (JLT Re), sister title Inside FAC has revealed.

The purchase of London and international wholesaler THB by AmWINS is all about developing the combined group's international growth strategy and not about controlling the flow of business into London, according to THB's group CEO Frank Murphy.

Broking giant Marsh has continued to build out its national agency platform with the acquisition of Seitlin Insurance, a South Florida-based firm that generates around $24mn in annual revenues.

Insurers for Deepwater Horizon owner Transocean have won a key legal victory against BP after a New Orleans judge ruled last week that they owe no duty to pay claims or defence costs to the energy giant.

Bermudian energy mutual OIL Insurance Ltd will increase its policy limit for non-windstorm events from a maximum of $250mn per member to $300mn per member from 1 January 2012.

Primary energy underwriters will be under pressure to retain more risk themselves as the market heads towards 1 January, when around 75 percent of energy reinsurance contracts renew.