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  • A lawsuit filed in Illinois over industry veteran Pat Ryan's audacious move this month to recruit over 100 employees from CRC Insurance Services claims that the staff left due to a conflict of interest at the US wholesale broking giant, and as such their "overreaching" restrictive covenants are void and unenforceable.
  • Schadenfreude is an overused term, but the Teutonism for feeling satisfaction or pleasure at someone else's misfortune was surely tailor made for the likely reaction of the insurance market to BP's situation following the Deepwater Horizon loss.
  • Ratings agency Standard & Poor's (S&P) revised its outlook on oil giant BP's captive insurer, Guernsey-based Jupiter Insurance, to negative from stable last week.
  • Faced with a slew of expected lawsuits following the loss of the Deepwater Horizon oil rig in the Gulf of Mexico, Transocean has moved to limit its liability to the $27mn value of the drilling unit.
  • The Florida property catastrophe market is facing an "unmitigated disaster" if a major hurricane along the lines of Katrina hits this year, according to Rod Fox, CEO of reinsurance broker TigerRisk Partners.
  • Think that property cat reinsurance is a short-tail class? It might be time to think again because the Florida Hurricane Catastrophe Fund (FHCF) is selling $693mn in bonds - apparently to pay for claims for the heavy 2004-05 years.
  • The Obama administration will need to rethink its proposals to eliminate the $250mn federal backstop for those that provide terrorism risk.
  • With a stellar cast assembled for an audience of 250 in New York last week, InsiderScope was a unique opportunity to connect with the zeitgeist of the (re)insurance industry. Here are just a few snippets of wisdom, observation and reflection from the day...
  • Record low valuations mean that wide-scale merger and acquisition (M&A) activity in the property casualty (P&C) (re)insurance sector is unlikely in the near-term - despite the current soft phase of the market cycle that has historically been a catalyst for deals.
  • The fate of the (re)insurance cycle is in the hands of industry leaders, according to industry legend Maurice "Hank" Greenberg.