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  • The California Earthquake Authority (CEA) will regularly revisit the capital markets after gaining $150mn of reinsurance from its first Embarcadero Re cat bond issue.
  • French energy giant EDF has gained EUR150mn in reinsurance cover for French windstorm risk from the capital markets through the Pylon II cat bond, sponsored by French investment bank Natixis.
  • The impact of the new US hurricane model from Risk Management Solutions (RMS) is beginning to show up in (re)insurers' quarterly results, with a number of companies stating that the model's higher view of risk has led them to reduce their exposure or buy more reinsurance or retrocession.
  • Lloyd's carrier Novae ran up a pre-tax loss of £29.7mn in H1 as the expansion of its property cat reinsurance unit exposed it to the run of disasters.
  • RSA has announced that CEO Andy Haste will leave his role at the British-based global insurer after eight years at the helm.
  • Catlin booked net losses of $201mn for the first six months of the year as $534mn of cat losses widened its combined ratio to 117 percent.
  • Dominant European insurers Axa and Allianz both shrugged off write-downs on Greek government debt holdings and high catastrophe losses to post half-year profit growth last week.
  • Both Swiss Re and Munich Re revealed growth in their 1 July-renewing treaty reinsurance portfolios, but that appeared to be one of the few shared trends in their contrasting Q2 financials last week.
  • Profits at Willis dropped by 4.5 percent during the first half of 2011 due to a significant charge and a fine incurred by the global broker.
  • European (re)insurers have already booked write-downs of almost EUR2.5bn on Greek debt, according to figures compiled by The Insurance Insider.