September 2010/4

Legislation to extend the US National Flood Insurance Program (NFIP) will go before President Obama to be signed into law after gaining approval on Capitol Hill last week.

The New York Insurance Department (NYID) says its proposals to create a new collateral framework for so-called alien reinsurers will help keep the state competitive and bring the US "into the 21st century of financial services regulation".

Risk modelling firm Risk Management Solutions (RMS) has launched a parametric industry loss index for Japanese typhoons, taking its Paradex line-up to cover the five largest insurance perils.

Pricing came in below guidance on the first European wind bond of the season, French insurer Groupama's EUR100mn Green Valley II, The Insurance Insider's sister publication Trading Risk reports.

Forecaster Weather Services International (WSI) has increased its predictions for major hurricanes in the 2010 season, after Julia and Karl surprised forecasters by developing into major storms earlier in the month.

The Commonwealth Games 2010's $200mn plus contingency risk cover is retained in local markets - placed with the Oriental Insurance Company and reinsurerd by General Insurance Company of India (GIC), The Insurance Insider can reveal.

Asian typhoon Fanapi may cause insurable damages of between $500mn and $1bn, according to modelling firm Eqecat

Hurricanes Igor and Karl whipped up as the most significant storms of the 2010 season to date, but neither took a toll on the insurance industry.

Mark Freitas, former president and chief operating officer at Frank Crystal & Company, has launched a broking start-up in the US called Mark Edward Partners.

Former Aon Ltd deputy chairman Jonathan Palmer-Brown is the frontrunner to succeed Andrew Agnew as chairman of Jardine Lloyd Thompson (JLT)'s London market specialty arm.

Centrix Insurance Holdings, the parent of London market and international broker Lonmar Global Risks, made losses of £3.2mn in 2009 as financing costs and foreign exchange (FX) losses collided with a softening market.

Jardine Lloyd Thompson (JLT)'s controversial push in the aviation sector is paying dividends, investors heard in a presentation last week.