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  • The international (re)insurance community will be looking to Wednesday's (23 March) UK budget for details of reforms the UK chancellor George Osborne is expected to unveil on controlled foreign company (CFC) and foreign branch taxation.
  • The international personal accident (PA) (re)insurance market looks set to escape a significant loss from the 9.0 magnitude Japanese earthquake and tsunami on 11 March because of recent changes to terms and conditions, sister publication Inside FAC can reveal.
  • Commercial US insurance data and analytics provider Advisen is set to announce it has bought UK-based (re)insurance technology firm Web Connectivity, which it says will allow it to foster greater use of structured data in the sector.
  • The offshore energy market is now facing a possible $800mn loss as a result of damage sustained to Maersk Oil's Gryphon floating production storage and offloading (FPSO) vessel in the North Sea in early February, according to sister title Inside FAC.
  • Between $50mn and $100mn of Japanese earthquake industry loss warranties (ILW) traded shortly after the 11 March catastrophe struck north-eastern Japan, our sister title Trading Risk revealed.
  • Ratings agency AM Best does not expect ratings to change on the non-life Japanese insurers it rates as a result of the recent quake and tsunami, but in contrast Standard & Poor's (S&P) put a negative outlook on the sector last week.
  • Price indications on cat bonds continued to fall last week, underlining fears in the insurance-linked securities (ILS) sector that a number of the $1.4bn outstanding capacity exposed to Japanese earthquake risk would be triggered by the 11 March earthquake.
  • Munich Re gave a strong signal last week that its Japanese exposures will not alarm investors after affirming its determination to buy back a targeted EUR1bn of outstanding debt from bondholders.
  • If all Japanese earthquake reinsurance treaties in the international market were exhausted the total cost to global reinsurers would be less than $25bn, The Insurance Insider revealed last week.
  • International direct and facultative (D&F) property underwriters are looking at a claim of at least 10bn yen ($120mn) from the East Japan Railway Co (JR East) following the 11 March disaster, although sister publication Inside FAC understands the final loss may be a multiple of this figure.