September 2014/3

While the current North Atlantic hurricane season has been largely quiet to date, a recent study from Swiss Re has demonstrated why (re)insurers shouldn't become complacent.

The tone at last week's Monte Carlo Rendez-Vous was the bleakest for a number of years, with both reinsurers and brokers contemplating the consequences of reduced demand, falling prices, low interest rates and excess capacity...

Standard & Poor's (S&P) has placed the Class C notes of MultiCat Mexico 2012 on creditwatch negative due to potential exposure to Hurricane Odile.

Hannover Re has combined its retrocession and capital markets divisions following the retirement of Trevor Bolt, who previously headed up the firm's group protections unit.

The Mexican Association of Insurance Institutions has estimated that insured losses from Hurricane Odile are likely to exceed the 12bn peso ($906mn) loss sustained from hurricanes Manuel and Ingrid last year.

The facultative reinsurance market could help soak up increased demand for flood protection through hybrid models that provide automatic solutions for small and medium risks, according to Guy Carpenter's Massimo Reina.

Cooper Gay Swett & Crawford (CGSC)'s new North America chief Tom Ruggieri will look to apply the creativity of the London market to US wholesale business in a bid to drive new product creation and growth at the firm.

RMS(one) will not be released until late 2015 after the modelling agency last week unveiled a revised deployment strategy for the flagship catastrophe risk management software, along with significant costs relating to the postponed release.

American International Group (AIG) writes the $10mn primary layer of US retailer The Home Depot's cyber policy, The Insurance Insider understands.

Brokers are forecasting a rate hike of up to 10 percent in the UK solicitors' professional indemnity (PI) market ahead of the key 1 October renewal, The Insurance Insider understands.

Major agricultural group John Deere has appointed Citi to sell its misfiring crop insurance business, which wrote $475mn of gross premiums in 2013, The Insurance Insider can reveal.

Sam Geddes, a senior underwriter at Tokio Marine's Kiln-managed Syndicate 1880, has resigned his position at the firm, The Insurance Insider has learned.