November 2011/4

The French government will review CatNat - the state catastrophe reinsurance programme - by the end of the year, according to reports in French media.

Talanx, the German insurance group that includes major global industrial insurer HDI Gerling and which holds a 50 percent equity stake in Hannover Re, is actively recruiting investment banks to handle its much delayed initial public offering (IPO) process, FT Deutschland reported last week.

Munich Re says it will limit or exclude contingent business interruption (CBI) cover from reinsurance treaties within 18 months if its clients do not provide full transparency on their supply chain or come up with plans to replace their key suppliers in the event of a disaster.

Europe's largest insurance group Allianz has lost two of its most senior executives to the banking world in little over a week.

French mutual Groupama has received disappointing initial bids for its up-for-sale subsidiary GAN Assurances, possibly delaying crucial fundraising for the under-pressure insurer.

Apollo, the Lloyd's syndicate that specialises in writing direct and facultative property business, is to appoint Catlin Group's UK head David Ibeson to lead the group.

Catlin's third party syndicate strategy at Lloyd's is a "placeholder for the future" and a buffer for the group's economic capital, founding CEO Stephen Catlin explained to investors last week.

Willis has successfully signed some London market (re)insurers up to Finmar360, its new financial institutions (FI) suppliers' club, and has finalised terms and conditions on the structure, The Insurance Insider understands.  

Veteran specialty reinsurance underwriter Tony Lovett has joined forces with Hyperion's managing general agency (MGA) Dual Corporate Risks to set up specialty excess of loss (XoL) unit Tamesis Dual.

Sciemus, the London-based specialty managing general agency, analytics and modelling firm has appointed broking veteran Dennis Mahoney as chairman with effect today (28 November).

Lloyd's reins in spending with 2012 budget The Corporation of Lloyd's will cut spending by £17mn in 2012 and freeze service charges at 2011 levels as it acknowledges the tough underwriting conditions for (re)insurers operating in the market.

Lloyd's (re)insurer Chaucer is planning to end its role as a provider of turnkey services to the market, according to well-placed sources.