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  • Mexico's insurers could face "potentially substantial" claims after hurricanes Manuel and Ingrid struck the south of the country on 14-15 September, causing widespread flooding in the tourist resort of Acapulco, according to rating agency Moody's.
  • Severe hailstorms that struck Germany in July will cost Swiss Re $240mn and inflict a claims burden of up to $2.7bn on the (re)insurance industry as a whole, the company said today (23 September).
  • (Re)insurers are not expected to pick up a significant bill from the recent Colorado floods, despite the fact Property Claim Services (PCS) has designated them a cat event.
  • Typhoon Usagi, the 19th and most powerful to strike the Northwest Pacific in 2013, made landfall as a Category 2 typhoon near the Chinese city of Shanwei yesterday (22 September).
  • The series of hailstorms that struck parts of Germany in late July are emerging as a surprise addition to the list of 2013's costliest events after Swiss Re became the latest company to preannounce its loss exposure.
  • London-headquartered Cooper Gay Swett & Crawford has taken the consolidation of EC3's independent broking sector a stage further with the acquisition of Newman Martin Buchan (NMB) in a cash deal understood to value the business at circa £40mn.
  • The Singapore-based Lloyd's Asia hub enjoyed a 16 percent increase in insurance premiums in 2012 while reinsurance premiums contracted by 8 percent, according to recent Lloyd's data.
  • Asia Capital Re Holdings (ACR) posted a return to profit in the year to 31 March as the regional reinsurer steadied itself following the heavily cat-affected 2011-12 year.
  • JLT Re's $250mn acquisition of Towers Re will make it the industry's fourth-largest reinsurance brokerage and enhance its analytics capabilities without the headache of widespread overlap.
  • JLT Re's $250mn acquisition of the reinsurance broking arm of Towers Watson values the business at a relatively modest 7x-8x multiple of 2012/13 earnings, despite the seller's initial target of more than 15x earnings, The Insurance Insider understands.