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Post-Japan retro squeeze brings rate rises and new capacity
Property cat reinsurers have continued to talk up rates ahead of the mid-year US wind renewals, but retro underwriters are already seeing signs of hardening amid a post-Japan capacity crunch.
11 April 2011
Mississippi wind pool secures 8% more cover for the same rate
The Mississippi Windstorm Underwriting Association (MWUA) has secured an additional $65mn of reinsurance limit at renewal for the same premium that it paid in 2010/11, reducing the programme's rate on line by 8.4 percent
11 April 2011
Lloyd’s approves first Russian coverholder
Lloyd's has continued efforts to expand its book of business in emerging markets by granting approval to the first coverholder to operate in Russia
11 April 2011
NZ government steps in after earthquake hits insurer’s reserves
The New Zealand government has set aside NZ$500mn ($391mn) to back local mutual insurer AMI Insurance after the February earthquake tested the firm's ability to pay claims
08 April 2011
Broadgate expects cat losses of $17.5mn
Clal-owned Broadgate syndicate 1301 is looking at estimated losses of 60mn Israeli New Shekels or $17.5mn from the combined impact of the second New Zealand earthquake and the recent event in Japan.
08 April 2011
Aon brokers $1bn+ oil sands loss
International energy (re)insurers are looking at a loss of up to $1bn following January's fire at a Canadian oil sands operation, according to The Insurance Insider's sister publication Inside FAC
08 April 2011
Catco seeks more funds for mid-year renewals
Start-up collateralised reinsurer Catco is raising more money to invest in the upcoming mid-year renewal season and says it does not expect any losses on 2011 catastrophes to date
08 April 2011
RBSI restructures in advance of spin-off
UK personal lines market leader RBS Insurance (RBSI) has confirmed that it will consolidate its insurance businesses into one legal entity, as first revealed by The Insurance Insider in October last year
08 April 2011
Energy insurers ‘in limbo’ as record capacity absorbs heavy losses
The energy insurance market is "in limbo" as record levels of capacity counterbalance the spate of losses hitting the sector, according to broker Willis Group.
08 April 2011
Obama has higher priorities than Neal Bill, says Bermudian premier
Bermudian premier Paula Cox has dismissed the threat of the reheated Neal Bill coming into force in the US, insisting that US President Barack Obama was too distracted with domestic issues to implement the policy.
07 April 2011
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