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  • A consensus is emerging among industry leaders that the much championed (re)insurance hard market – flagged up in countless bullish interim reports since the end of 2008 – is turning into a mirage.
  • Ratings agency Moody's Investors Service has upgraded two tranches of notes on Brit Insurance's 2007 cat swap deal, Fremantle Ltd, as the likelihood of a loss diminishes while the transaction moves closer to maturity in June 2010.
  • The volatile combination of the subprime, credit and economic crisesand hurricanes Gustav and Ike has contributed to a 15 percent rise innew claims in the first quarter of 2009 against the same period last year – a figure which represents the beginning of a claims surge likely to peak inapproximately two years, according to industry leaders.
  • The tsunami of new run-off business that was widely forecast to swampthe industry in the wake of the global credit crunch is yet to materialise,prompting legacy leaders at the market's largest event - the Cavell Commutations Rendez-Vous in Norwich, UK - to discuss the gulf between expectation and reality.
  • With the reinsurance market poised to renew crucial 1.7 US programmes as IQ went to press, it was clear that the demand supply equation has found a better balance than widely predicted.
  • Insurers are not banks. They need to prove it before they are caught in the ‘financial institutions' net.
  • Hannover Re has launched a pioneering $60mn sidecar-style vehicle, Fac Pool Re - the first dedicated, securitised facility created for facultative exposures.
  • Bermuda-based (re)insurer Ironshore has completed a $300mn capital raise to support the growth of its specialty insurance business.
  • American International Group and its former executives Maurice "Hank" Greenberg and Howard Smith have agreed to settle their various legal disputes by arbitration.
  • The Gulf region took another step towards developing a fledgling captive insurance sector last month as the DIFC hosted a February 2009 seminar on the subject.