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  • Standard & Poor's has slashed its ratings on reinsurer Platinum's Topiary Capital 2008 cat bond to CCC+ after modelling firm RMS confirmed that the 11 March Japan earthquake activated the bond.
  • The combination of a high volume of cat bond maturities and a lack of anticipated new issuance in the second quarter will depress pricing as investor capital supply outstrips demand, Aon Benfield Securities (ABS) predicts.
  • (Re)insurers have seen no respite from the heavy catastrophe toll this year as the second quarter opened with a record number of tornadoes sweeping across the southern and Midwest US.
  • Caribbean insurance group Sagicor Financial has appointed Morgan Stanley to sell its Lloyd's business after it lumbered the parent with losses of $13.1mn last year, The Insurance Insider can reveal.
  • Global Indemnity, the Irish-domiciled specialty insurer, posted a modest profit of $13.8mn despite reinsurance losses from the first quarter cats.
  • The relatively slow progress made in the Omega due diligence process may be explained by the presence of Lloyd's insurer Barbican along with Delphi Financial and Canopius, The Insurance Insider can reveal.
  • There is growing evidence that model changes and Q1 cats are putting upward pressure on US property cat insurance rates.
  • The (re)insurance industry is often accused of providing policies for its underwriters, not for its clients.
  • The three domestic Japanese insurers that dominate the non-life commercial market all issued profits warnings last week, but their preliminary results could be considered an advert for reinsurance.
  • Lancashire added to the post-Japan "return of the sidecar" speculation when it said last week that it was looking at ways to "leverage" its "underwriting capital".