September 2011/4

Montpelier Re's deal to sell off its US insurance arm to Selective Insurance Group continues an emerging trend of (re)insurers focusing on their core specialities and eschewing the diversification model favoured under ratings agency pressure post-Katrina.

London market property and casualty (P&C) insurance stocks have shrugged off the concerns driving equity market volatility over the past week to outperform their peers in Europe and the life and banking sectors.

The "big three" global reinsurance brokers have all raised concerns over the European windstorm model in RMS Version 11 (v11) and have advised clients not to use the update for the crucial 1 January renewals unless they are entirely comfortable with the changes.

The Insurance Insider weighs up the track records of Omega's suitors: Canopius, Barbican and Mark Byrne's Haverford

Pat Ryan has finally got his seat at the Lloyd's table after it was confirmed last week that his £35mn acquisition of the privately held insurer Jubilee had completed.

State-owned China Re is understood to have despatched a representative to the UK to scout out potential acquisitions in the London insurance market, The Insurance Insider can reveal.

Lloyd's has disclosed a preliminary loss estimate of $600mn for the US tornado outbreaks that took place throughout April and May.

Loss compilation agency Property Claims Service (PCS) has placed insured losses from Hurricane Irene at $3.65bn, The Insurance Insider understands.

Ailing New Zealand mutual AMI confirmed last week that its reinsurers will be forced to accept two NZ$595mn ($487mn) total losses from the September and February earthquakes in Canterbury.

Lloyd's will make an underwriting loss in 2011 due to its first-half catastrophe losses, as even a benign hurricane season is unlikely to save the market from a combined ratio of 105 percent or above, predicts ratings agency Standard and Poor's (S&P).

The return of trading in Chaucer-managed nuclear Syndicate 1176 skewed the statistics of the second Lloyd's capacity auction, which took place last week.

Torus is acquiring Clal-owned syndicate Broadgate not only because it provides the multi-line carrier with a more established Lloyd's platform, but also because of the particular attractions of the book of business it writes, the private equity-backed (re)insurer has explained.