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  • Total 2012 cat bond issuance has surged through the $6bn barrier as more details emerge on American International Group (AIG)'s $400mn Compass Re (2012-1) bond
  • Senior executives at Alterra have rights to an estimated maximum payout of $55mn under the terms of golden parachute arrangements in their contracts, an S-4 filing with the Securities and Exchange Commission has revealed.
  • Japanese trading house Itochu has concluded a deal with Lloyd's carrier Antares to support the underwriting of Syndicate 1274.
  • Supply of non-marine retrocession capacity was abundant at the 1 January renewals, with sidecars and start-up funds writing pillared retro products, according to reinsurance broker Willis Re.
  • The loss-hit marine market experienced a very difficult and late renewal, with Willis Re reporting 15-20 percent price increases for loss-free accounts, while loss-affected programmes took 20-25 percent rises. However, the broker observed that to date there has been no major restructuring activity.
  • The reinsurance sector is sporting record levels of capitalisation while cedant demand remains muted, the three major reinsurance brokers noted in their 1 January renewal reports.
  • Catastrophe modelling firm RMS has issued a new advisory to clients in which it restates its initial view that Superstorm Sandy will cost (re)insurers $20bn-$25bn, The Insurance Insider has learned.
  • The messy and protracted UK motor reinsurance renewals were eventually completed without resort to unconventional "capitalisation clauses" in most cases after Hannover Re stepped in to fill the capacity shortage.
  • Australasian insurance giant IAG has once again increased the size of its catastrophe treaty, with the 2013 programme now providing it with protection for a A$5bn (US$5.25bn) ground-up loss.
  • Andy Beecroft and Paul Rayner have officially joined GC Securities from Aon Benfield Securities, in a move first revealed by The Insurance Insider in August last year