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  • Maurice "Hank" Greenberg - former CEO of American International Group (AIG) - has sold the majority of his remaining shares in the insurance group to UBS.
  • Members of the Association of Bermuda Insurers and Reinsurers (ABIR) swung back to profit in 2009, reporting collective net income of $12.4bn compared to a marginal loss of $125mn in 2008.
  • Insurance losses from man-made and natural catastrophes in the first quarter of the year have now mounted to $16bn, in sharp contrast to the benign claims run in 2009, according to analysis by our sister publication Inside FAC.
  • The direct and facultative (D&F) market looks set to take a substantial proportion of losses from the Chile earthquake, with key facultative sectors such as pulp and paper and energy among the industrial areas most heavily affected.
  • Everest Re has effectively no retrocessional cover to protect itself from further losses incurred from the 27 February Chile quake, The Insurance Insider understands.
  • Changes in American International Group (AIG)'s catastrophe reinsurance buying has significantly increased the group's net exposure to the Chilean earthquake loss, The Insurance Insider has learned.
  • Amlin and Hiscox have become the first of the big syndicates to estimate their cost from the 27 February weekend disasters with forecasts could take the market's total loss bill to the industry's heavy first quarter of claims close to $1bn.
  • Higher spreads for capital market cessions are justified in the current market climate, Chubb chief risk officer Joel Aronchick told an industry audience in New York last week (18 March).
  • State Farm is approaching the market with a partial replacement of its expiring Merna Re transaction, targeting up to $700mn of US quake cover for the US insurer, sister title Trading Risk understands.
  • Guy Carpenter's global COO, Charlie Fry, is set to leave MMC's reinsurance broker at the end of the month, The Insurance Insider can reveal.