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Aon Benfield in major senior management restructure
The industry's largest reinsurance broker unveiled a major management restructure last week that includes a new CEO and a closer alignment with its bigger corporate risks sibling, Aon Risk Solutions (ARS).
30 September 2013
Nairobi the largest terrorism loss since 2010 Bangkok riots
The recent terrorist attack on the Westgate shopping centre in Nairobi could inflict the largest loss on the terrorism market since the Bangkok riots in 2010, according to sources.
30 September 2013
Energy markets to come under rate pressure in Q4: Willis
Both the downstream and upstream energy markets are likely to be under pressure going into 2014 amid a surplus of capacity chasing a limited amount of premium, according to Willis.
30 September 2013
Enstar and Catalina in talks with wounded Tower
Legacy acquirers Enstar and Catalina held takeover talks with stricken US (re)insurer Tower Group after the company's share price continued to weaken dramatically amid uncertainty over the size of its reserving black hole, The Insurance Insider can reveal.
30 September 2013
CEA reduces limit to $3.1bn as collateralised cover cut back
The California Earthquake Authority (CEA)'s risk transfer programme for 1 August decreased limit by 8 percent to a total of $3.1bn, driven mainly by a reduction in collateralised participation, according to August meeting documents published last week.
30 September 2013
E&S hard market hopes withering
The outlook for continued rate hardening in the excess and surplus (E&S) lines markets appears to be diminishing amid an abundance of capital and capacity, according to underwriters and brokers attending the Napslo conference in San Diego.
30 September 2013
ProAssurance expands with $205mn Eastern acquisition
Medical malpractice specialist ProAssurance announced last week that it has agreed to acquire workers' compensation writer Eastern Insurance Holdings in an all-cash deal that values Eastern at $205mn.
30 September 2013
Mapfre shares dip as Bankia sells down stake
Bailed-out Spanish lender Bankia has sold a 12 percent equity stake in Mapfre, the country's biggest insurer, raising about EUR1bn and reducing its holding in the company to just 3 percent.
30 September 2013
News in brief
Liberty restructure, Lloyd's losses, Amlin downgrade, Gulf boom, Aviva reshuffle, Axa buyout and Aon down under
30 September 2013
German hail costs mount
Dublin-domiciled (re)insurer XL Group has said it expects to absorb a net loss of $60mn from severe hailstorms that struck Germany in late July, confirming its status as one of the costliest weather-related events so far in 2013.
30 September 2013
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