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October 2011/2

  • London-listed collateralised reinsurance fund manager Catco is considering fundraising options to take advantage of a looming capacity crunch in the high-severity retrocession market at the January 2012 renewals.
  • S&P downgraded the Mariah Re 2010-1 tornado bond by one notch to CCC with a negative outlook after covered losses rose to $790mn.
  • UK-listed Charles Taylor Consulting (CTC) has agreed to purchase run-off life assurance company Alico IoM from the American Life Insurance Company (Alico).
  • The size of the UK non-life legacy market declined by almost 10 percent during 2010 as favourable prior-year development and the active management of portfolios reduced run-off insurance liabilities
  • New York's new Department of Financial Services (DFS) will focus on keeping the Empire State as the pre-eminent global finance centre and on being tough in carrying out its consumer protection duties, according to the body's new superintendent Benjamin Lawsky.
  • Insurance companies could bring down the entire financial system in a way similar to the banking 2008 banking crisis, according to Patrick Liedtke, secretary general of the Geneva Association.
  • US lawmakers have avoided yet another lapse of the beleaguered National Flood Insurance Program (NFIP) after the House of Representatives voted last week to extend it through to mid-November.
  • The UK insurance industry has given a mixed response to the Financial Services Authority (FSA)'s declaration that it is now planning for a 2014 start date for the Solvency II regime, with large (re)insurers pushing for the new system to begin a year early in 2013.
  • The overhaul of the UK's financial regulatory architecture received fresh criticism last week as the political wheels on reform begin to turn.
  • The spate of litigation relating to the Washington Metro train crash in June 2009 that killed nine people and seriously injured a number of others has continued, with the Washington Metropolitan Area Transit Authority (WMATA) now seeking more than $13mn from Lexington.
  • Property damaged by flooding from Hurricane Irene is set to cause a multitude of legal issues, according to Dan Gerber, a partner at New York law firm Goldberg Segalla.
  • A settlement between embattled US (re)insurer American International Group (AIG) and a group of institutional investors from Ohio has been given preliminary approval by a district court judge, potentially winding up a long running saga.