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  • Aspen was on the wrong end of a judgment on the non-payment of a liability policy in the US that could cost it upwards of $42mn, the carrier's recent 10-k Securities and Exchange Commission filing disclosed.
  • A US court has dismissed the attempts of BP, Anadarko and Moex to reclaim their losses from Macondo against the $950mn of liability insurance purchased by Swiss-domiciled drilling contractor Transocean.
  • The closure of Chubb's fifth cat bond in March took total Q1 issuance to $1.293bn, making it the strongest first quarter in the history of the sector and setting the market on track for a bumper year, which some say could see $7bn in new cat bond issuance.
  • Swiss Re's new Combine Re cat bond will include a tranche of debt notes that have received an investment grade rating from Moody's.
  • Stifel Nicolaus analyst Meyer Shields once again reiterated his view that brokers will benefit first from hardening US commercial markets, but he remained bearish on the immediate prospects of improved earnings amongst primary insurers.
  • As reinsurers gear up for a hard fought 1 April Japanese renewal and the key 1 June and 1 July commercial US wind renewals, attention is also turning to the US residual insurance market.
  • Axis Capital's incoming CEO, Albert Benchimol, likened the current P&C market to that of 1999-2000, saying that a slow increase in rates suits Axis' underwriting style.
  • Global broker Marsh will not follow big three rival Aon across the pond as the firm's CEO said he saw "no strategic benefit" to re-domiciling its New York-based business.
  • Qatar's exceptional economic performance, stable politics and its role as a regional peacemaker make it ideally suited to lead an integration of the fragmented Middle East (re)insurance market, according to Jose Ribeiro, outgoing director of international markets at Lloyd's.
  • Veterans of the (re)insurance world often opine that if brokers were to spend as much time trying to find new customers to sell (re)insurance to as they do attempting to steal business from one another, then the sector would experience exponential growth.