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CEA buys $3.1bn protection
The California Earthquake Authority (CEA) is due in the next few weeks to sign contracts for a $3.1bn reinsurance programme for the 2009 year that will include both traditional and ART elements.
Final negotiations centred on three reinsurance..
Online Published Date:
25 November 2008
Appeared in issue:
206 - 01 November 2008
Cat events and return swap fears hit SPVs
In another rating action, Fitch put the $15m class B variable notes, currently at B-, of special purpose vehicle (SPV) Cham-plain Ltd on rating watch negative because of the possibility that Hurricane Ike may represent a qualifying loss..
Online Published Date:
25 November 2008
Appeared in issue:
206 - 01 November 2008
Ballantyne rating suffers on sub-prime fears
The credit crisis continues to have an impact on some of the vehicles used in risk securitization transactions. Last month, rating agency Fitch took action on various notes issued by Ballantyne Re, the special purpose vehicle used by Scottish..
Online Published Date:
25 November 2008
Appeared in issue:
206 - 01 November 2008
Reinsurers use derivatives for weather cover
Major international reinsurers are devising simple weather risk management products for use in the developing world, with several initiatives announced in the last few weeks. The World Bank and various non-governmental organizations have provided a..
Online Published Date:
25 November 2008
Appeared in issue:
206 - 01 November 2008
Bermudians target diversity through Lloyd’s
London, and particularly Lloyd’s, continues to hold a strong fascination for the Bermudian reinsurance sector.
Flagstone has been looking for a while to gain a presence in the Lloyd’s market and last month announced it had agreed to buy..
Online Published Date:
25 November 2008
Appeared in issue:
206 - 01 November 2008
IMF backs Bermuda financial services regime
The Bermuda Monetary Authority (BMA) received a positive assessment of its regulatory and supervisory regime and capabilities last month when the International Monetary Fund (IMF) published its report on the island’s financial services..
Online Published Date:
25 November 2008
Appeared in issue:
206 - 01 November 2008
Bermudian market: first nine months 2008
Third quarter figures for our sample of 20 leading Bermudian reinsurers were certain to be heavily impacted by cat losses and the downturn in the investment market, but gauging just how badly the companies did is made difficult by the different..
Online Published Date:
25 November 2008
Appeared in issue:
206 - 01 November 2008
WEF points way forward for growth in ILS
Standardized transactions, increased efforts at education and data transparency are the key elements that will enable the insurance linked securities (ILS) market to build on the tremendous development it has shown over the past few years. This is..
Online Published Date:
25 November 2008
Appeared in issue:
206 - 01 November 2008
Berkshire Hathaway, first nine months 2008
Cat losses and the investment downturn have affected Berkshire Hathaway’s insurance and reinsurance operations, although the damage caused is relatively light, given the group’s financial muscle. The specialist Berkshire Hathaway..
Online Published Date:
25 November 2008
Appeared in issue:
206 - 01 November 2008
Pool Re 2007
Terrorism vehicle Pool Re, provider of state-backed cover for risks within Great Britain, benefited from another loss-free year in 2007, recording increased net profit of £490.1m, up from £358.7m in 2006.
The company reinsures its members..
Online Published Date:
25 November 2008
Appeared in issue:
206 - 01 November 2008
Changes
Les Rock, president & chief underwriting officer of Iron-shore Insurance, has resigned for personal reasons. The company said Howard Barnes, Peter Coleman and Rod Todd would continue to underwrite property insurance through Ironshore’s..
Online Published Date:
25 November 2008
Appeared in issue:
206 - 01 November 2008
Indian insurer adds to farming weather suite
Joint venture Indian insurer IFFCO-Tokio General has launched a new product in its suite of weather insurance contracts for local farming groups. The new contract, called Mausam Bima Yojna, is an index-based weather insurance product that protects..
Online Published Date:
25 November 2008
Appeared in issue:
206 - 01 November 2008
Aon’s White Rock moves cell unit to Malta
White Rock, the protected cell and rent-a-captive vehicle owned by broker Aon, has redomesticated one of its European companies. White Rock Insurance (Europe) PCC has moved from Gibraltar to Malta. A sister company, White Rock Insurance (Gibraltar)..
Online Published Date:
25 November 2008
Appeared in issue:
206 - 01 November 2008
Finite Five face possibility of long sentences
Former General Re ceo Ron Ferguson and four other executives who were convicted of constructing a bogus finite reinsurance to massage AIG’s finances could face lengthy prison sentences after a federal judge ruled this month that the scheme..
Online Published Date:
25 November 2008
Appeared in issue:
206 - 01 November 2008
Assured Guaranty reinsures CIFG’s account
Financial guarantor Assured Guaranty Corp has agreed to provide reinsurance of about $13bn of net par insured to the US public finance account of CIFG Assurance North America. After the deal closes, Assured Guaranty and CIFG NA will work..
Online Published Date:
25 November 2008
Appeared in issue:
206 - 01 November 2008
UK flood joins Lloyd’s disaster scenario list
Lloyd’s has introduced a new realistic disaster scenario covering a UK flood that causes an overall insured loss of £6.2bn.
The scenario covers heavy rainfall spreading from the west to east across south-east England, resulting in..
Online Published Date:
25 November 2008
Appeared in issue:
206 - 01 November 2008
Reported Gustav and Ike losses now top $13bn
Losses reported by major insurers and reinsurers from hurricanes Ike and Gustav totalled about $13.4bn, as AIC went to press. Our table shows the details by company, with those losses reported in non-US currencies converted into dollars. The..
Online Published Date:
25 November 2008
Appeared in issue:
206 - 01 November 2008
Revisions cut reinsurance costs for Allstate
US insurer Allstate calculates it should save about $260m a year on the cost of its current property cat reinsurance protections, effective from June 1. The total annualized cost of all the group’s cat reinsurance programmes for the year..
Online Published Date:
25 November 2008
Appeared in issue:
206 - 01 November 2008
Big storm could hit NC Beach Plan for $6.2bn
Florida’s Cat Fund is not the only residual state mechanism in trouble. According to a new report carried out by actuarial firm Milliman at the behest of the Property Casualty Insurers Association (PCI), the North Carolina Beach Plan could..
Online Published Date:
25 November 2008
Appeared in issue:
206 - 01 November 2008
Bond market troubles affect Florida Cat Fund
Keeping fingers crossed and hoping the wind doesn’t blow is not one of the top 10 recognised risk management strategies, but that’s what the state of Florida is now doing after the local Cat Fund admitted the wider financial..
Online Published Date:
25 November 2008
Appeared in issue:
206 - 01 November 2008