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  • Validus had $340mn of capacity in force from its AlphaCat sidecar at 1 January as it responded to retro pricing by writing almost all of the limit available to the special purpose vehicle.
  • A total of $2.7bn in natural catastrophe losses and an additional $835mn in operational losses have drained around 30 percent of capacity from the mining insurance market during 2011, according to a new report.
  • AM Best has rewarded Validus Re's performance compared to its peers by upgrading its financial strength rating from A- to A, and its issuer credit rating (ICR) from a- to a
  • A service of thanksgiving for Tom Rae's life has been arranged for his friends in the City of London, where he worked in the Lloyd's market for over 35 years. It takes place at 3pm on 13 February 2012 at the church of St Helens in Bishopsgate and is followed by a reception at Merchant Taylors' Hall on Threadneedle Street.
  • Fitch Ratings has upgraded its outlook on Tokio Marine's AA- financial strength rating to neutral after deciding to partially decouple the company from the Japanese sovereign debt ratio due to the scale of its overseas operations
  • Information agency MarketScout again found evidence of rate increases across the board in US P&C lines during January, adding further weight to the argument that this market is turning
  • US broker Brown & Brown broke the $1bn total revenue mark for the first time last year as it booked net profits of $164mn, just ahead of the $162mn it earned in 2010.
  • UK general insurers could see a minimum increase of 36.7 percent to their levies from the Financial Services Authority (FSA), because of the extra costs the regulator is facing in overhauling its structure.
  • White Mountains reported a $768mn profit for 2011, boosted by a $678mn gain on the sale of its Esurance and Answer Financial business to Allstate, but on an underlying basis its pre-tax annual income more than halved.
  • US intermediary BB&T Insurance Services has agreed to purchase Crump Group, the second-biggest US wholesale insurance broker, for $570mn cash in a merger likely to create the largest wholesaler in the country