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Zenkyoren $1.5bn+ loss deterioration is major retro event
There will be winners and losers in the reinsurance universe from the imminent increase in the Zenkyoren loss notification, as some have their losses made good by retrocession contracts and others find themselves on the wrong side of those covers.
19 September 2011
Reinsurance claims of Japanese big three might be $6bn+
Unpublished figures from Sompo (NKSJ) suggest that the "big three" Japanese insurers' reinsurance recovery from the 11 March earthquake could be more than $6bn.
19 September 2011
Texas wildfire losses could hit $250mn
Total insured losses for the wildfires that have plagued Texas since the Labor Day weekend could hit $250mn, according to the Insurance Council of Texas.
19 September 2011
Copenhagen storms set to cost reinsurers $800mn
Severe flooding that hit Copenhagen in July is likely to cost reinsurers $800mn, as modest retentions again sees the industry taking the lion's share of losses, The Insurance Insider understands.
19 September 2011
AIR cuts estimate of Irene’s Bahama losses
Catastrophe modelling firm AIR Worldwide cut its estimate of insured losses in the Bahamas caused by Hurricane Irene to $200mn-$400mn last week, a 40 percent mid-point reduction from its previous loss range of $300mn-$700mn.
19 September 2011
Global Indemnity takes down for-sale sign
Irish-domiciled specialty (re)insurer Global Indemnity has told investors that it will not now pursue a sale after indicating in May that it was open to approaches.
19 September 2011
ProSight buys seat at Lloyd’s with TSM acquisition
Goldman Sachs' and TPG Capital buyout vehicle ProSight's swoop for bantamweight Lloyd's business TSM has caused some bemusement on Lime Street.
19 September 2011
Omega welcomes Canopius back in for final due diligence
Despite the board's decision last week to open Haverford's 25 percent tender offer to a shareholder vote, Omega is understood to have welcomed Lloyd's rival Canopius back in to complete its final pieces of due diligence.
19 September 2011
Whittington sale saga ends with Tawa-led acquisition
UK-listed insurance services group Tawa has finally reached an agreement to purchase Lloyd's turnkey provider Whittington UK, along with its consortium partners Paraline and Skuld.
19 September 2011
JLT shares climb on Jardine Matheson stake-building
Jardine Lloyd Thompson (JLT)'s shares closed up 7 percent last week following the announcement that the group's largest shareholder Jardine Matheson was looking to buy a further 10 percent of the UK-listed broker.
19 September 2011
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