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Premium News and Analysis

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Reinsurance

Modelers, Industry Going to Bat for Massachusetts Cat Pool

The Bay State plan argues hurricane models will tell the tale.
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Reinsurers Showing “Modest” Sandy Bounce... Modestly: Fitch

Reinsurance industry performance remains demure.
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Louisiana Ups Private Reinsurance Buy, Mulls Second Cat Bond

Louisiana will consider another catastrophe bond if the price is right. Read More...
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Australia’s Third 2013 Catastrophe Tests Insurers, Flood Models

Australia is nearing $4 billion in flood losses in less than three years.
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Florida Makes Another Push for Private Reinsurance Market

The creation of a new reinsurance pool is put on the table.
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Sandy Politics Trumps Reinsurance Catastrophe Models

A Willis Re report says cat models can’t measure political will following a disaster. Read More...
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Swiss Re’s $12 Billion Longevity Question

The reinsurer will be happy to hold onto the longevity risk with the hopes of building investor appetite to eventually offload the risk. Read More...
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Reinsurance Drumbeat Intensifies as China Readies Catastrophe Plan

Lloyds has joined the industry in pointing out that China needs private market reinsurance. Read More...
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Swiss Re, AIR Join Chorus of Sandy “Uncertainty”

The reinsurer is the latest industry player to hedge their Sandy loss bets. Read More...
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Reinsurers, Insurers Face “Highly Uncertain” Sandy Loss Estimates: Fitch

Losses estimates from Hurricane Sandy range from $10 billion to $40 billion. Read More...
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Hurricane Sandy U.S. Insured Losses Hinge On Storm’s Size, Slowness

When it comes to Hurricane Sandy, size matters. Read More...
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Commercial Market Shifting Focus Toward Catastrophe Risk: Swiss Re

The 2011 loss year is changing commercial buyer’s focus. Read More...
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Lower Catastrophes Offer Insurers Third Quarter “Meh,” Reinsurers “Bleh”

Moderate catastrophe losses will work in favor of the property/casualty industry’s third quarter, by analysts can’t find a long-term growth driver.
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New Zealand Greens Push “Earthquake Bonds” to Rebuild Disaster Fund

Post event bonds would rebuild the disaster fund and the economy, the Green Party argues.
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Validus Gets Nod for “Underappreciated” Sidecar, Joint Venture

One bank sees side deals as key to Validus’ future. Read More...
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Odyssey Re Breaks New Ground With Million Dollar Romney Donation

The donation may put the industry’s issues on the political map. Read More...
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U.S. Flood Insurance Unsustainable: Swiss Re

Already a financial basket case, the U.S. flood insurance program is facing thousands of new claims. Read More...
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Democrat, GOP Platform Catastrophe Focus Limited to Crop Cover

When politicians talk about catastrophe, they talk about crop insurance. Read More...
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Isaac Bouncing Off Private Market and Cat Bonds, Landing on NFIP

Federal flood insurance could be in Isaac’s crosshairs.
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CEA New Wants $100M Reinsurance Contract to Act Like a Cat Bond

The California Earthquake Authority is looking to the proposal as a “first” for its reinsurance program. Read More...
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Catastrophe Bonds Remain “Niche” Unless New Perils Emerge, Costs Fall

While alternative reinsurance may never dominate, it can grow at a sustainable pace, Fitch says.
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Italy at Most Risk of Quake, but Least Prepared to Pay for It

A new Swiss Re report paints a stark portrait for the Italian state’s post disaster financing future.
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Crop Insurance Grows All Weather Profits Despite Drought

A presentation by one provider reveals the healthy economics of crop cover. Read More...
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Joplin Tornado Sparks New Reinsurance Requirement

Farm mutuals were hit hard following the Joplin tornado. Read More...
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Catastrophe Modelers Historic Loss Estimates Flawed: Clark

Under Clark’s assumptions, 13 historic hurricanes would cause over $10 billion in losses today. Read More...
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Investors Juggle Axis, Flagstone and XL Stakes in Second Quarter

As filings being to flood in, investor appetite in reinsurance is morphing.
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Ohio Storm Losses Reach Historic Levels at $400 Million

Several summer storms have wreaked havoc in the Buckeye state.
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Catastrophe Bonds Not “Immune” to Euro Breakup: Aon

A Eurozone breakup will show up in non-correlated catastrophe bonds.
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Crop Insurers Shaded From Drought Losses: Fitch

Losses from the catastrophic drought hitting the U.S. will be limited. Read More...
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Japan Continues to Bear the Brunt of Catastrophe Price Spike: Marsh

U.S. prices have risen between 10 percent and 20 percent. Read More...
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Colorado Wildfire Losses Hit $449.7M; Waldo Blaze Sets New Record

Losses will likely increase over the coming months.
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CEA Cat Bond, Collateralized Reinsurance Push Gains Steam

Staff at the California Earthquake Authority are putting a major emphasis on alternatives.
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U.S. Dominates First Half 2012 Catastrophe Losses

A vast majority of the $12 billion in insured losses are tied to severe storms in the U.S.
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Reinsurers’ Plentiful Frustration With New Capital

Hedge funds, catastrophe bonds and sidecars are thwarting hard market dreams. Read More...
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Earthquake Triggered Mexico Catastrophe Bond, Until It Didn’t

A USGS revision saved investors a $140 million payout. Read More...
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China June Disaster Costs Hit $350 Billion While U.S. Tallies Wildfire Losses: Aon

June was a significant natural disaster period the China and the U.S.
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U.S. State Catastrophe Pools Reaching Record $900 Billion Loss Exposure

The III says state catastrophe pools have become huge concentrators of risk. Read More...
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NFIP Privatization Faces Flood of Modeling, Mapping, Financial Hurdles

Despite promises of a “study,” the private market is far from prepared to cover U.S. flood. Read More...
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Colorado Storm Losses Pegged at $320 Million While Wildfires Still Burn

June could be a difficult month for Colorado. Read More...
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NFIP Ready for Five Year Renewal, But Without Major Reforms

A vote on flood insurance renewal could come as early as Friday. Read More...
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Alterra Fuels Sidecar, Puts Berger in Rear View

Alterra renews a catastrophe sidecar just as a rating agency gets “comfortable” with new management. Read More...
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Australian Quake Unlikely to Reach Major Losses

The trembler that struck Tuesday may spare the country significant losses. Read More...
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Private Market Balks at U.S. Crop Insurance/Reinsurance Changes

A bill cutting crop insurance subsidies could come as early as today.
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Florida’s Biggest Homeowners Carrier Ups Reinsurance Over $100 Million

The state’s biggest private carrier increased its private contracts across the board. Read More...
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Lancashire Seeks Accordion Encore Performance

The side car moved quickly to take advantage of the 2011 market and now is ready to race again. Read More...
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U.S. P/C Industry Runs Out of Reserve Runway In 2013

P/C carriers may not be able to keep up the earnings juggle.
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Insurance-Linked Securities Flourish as Reinsurance “Light”

Issuers and investors ease into the notion of alternative’s role.
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Florida Catastrophe Renewals Getting Custom Treatment: Guy Carpenter

Florida wind season reinsurance renewal prices are diverging. Read More...
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Caribbean Catastrophe Fund Renews, Offers Rebate and Rainfall Policy

The CCRIF is giving back to its members, which will hopefully take-up the new rainfall cover. Read More...
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Catastrophe Retro is Getting “Very Expensive”: JPMorgan

Munich Re and Swiss Re are first in line to benefit.
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Endurance Joins Florida Low Collateral Reinsurance Rush

Endurance is the 19th foreign reinsurer to take advantage of the low collateral rules. Read More...
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Validus Renews $70M AlphaCat for Florida Risks

The sidecar is the second vehicle to announce at the start of the 2012 hurricane season.
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Renaissance Re Hops Back Into Sidecar, Soaks-Up Florida Catastrophes

Reinsurance sidecars continue a comeback. Read More...
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U.S. P/C Capital “Solid” for Hurricane Season, But Reserves Diminishing: S&P

The industry can take a catastrophe hit, but the reserve lifeline is running out for commercial lines. Read More...
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Munich Re Keeps Rating Despite Catastrophe Drag

Weak P/C results have also weakened capital, Fitch says.
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Private Market, Florida Cat Fund Can Take Tepid Hurricane Season: Fitch

Fitch says enough underwriting capacity exists for a mild tropical storm season. Read More...
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Validus Re CEO Resigns In Management Shake Up

No successor has yet been name for Conan Ward.
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The Unbearable Lightness of Reinsurance ROE

While capital may be stable, reinsurers continue to lose long-term profit ground. Read More...
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U.S. Cat Exposed Areas See Double-Digit Q1 Rate Increases: Marsh

Overall, Marsh sees prices “firming.” Read More...
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Reinsurers’ Microinsurance “Reluctance” Changing

A Munich Re report says that reinsurers are finding ways to make microinsurance profitable.
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Thailand No Longer ‘Catastrophe Remote’: S&P

Japanese carriers need to brace for a ratings downgrade.
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Texas Windstorm Pool Looks for an Overhaul

TWIA may look to tap the private reinsurance markets as it faces new demand.
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U.S. Reinsurance Prices Jump at January Renwals

The U.S. avoided a large hurricane and earthquake, but could not avoid price increases. Read More...
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Third Point Re Scores A- from A.M. Best

The Bermudian startup will compete in already diffiicult market. Read More...
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Risk Transfer, Insurers Failing in Climate Change: UN

In some instances, private market measures are adding to disaster risk. Read More...
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Allstate, State Farm Renew Push for Federal Cat Reinsurance Program

ProtectingAmerica.org is pushing ahead once again for a national catastrophe fund. Read More...
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NZ Quake Commission Faces NZD7 Billion Payout, Reinsurance Terms Cut

New Zealand’s earthquake backstop is coming to terms with a more expensive catastrophe market. Read More...
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Regulators to Target Reinsurance Catastrophe Concentration

International regulators are concerned that reinsurers are underestimating catastrophe risk. Read More...
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Australia Commission Pushes Flood Reinsurance Pool

A new reinsurance pool is long on scope but short on funding details. Read More...
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Hedge Fund’s Flagstone Re Stake Increases

The activist fund continues to stock up on the reinsurer. Read More...
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Rising Rates Not Enough to Offset Catastrophes

The one bright spot in U.S. P/C carrier earnings may only be a mirage. Read More...
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Activist Fund Loads Up on Flagstone Shares

Paul Singer’s Elliott Capital is taking an interest in Flagostone Re. Read More...
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CEA Upping Risk Transfer With Focus On Embarcadero

The earthquake facility will turn away from traditional reinsurance in favor of the capital markets in 2012. Read More...
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Reinsurance ROE Risks Capital Markets Support: S&P

Dismal reinsurer ROE could eventually undermine investor confidence.
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Wind vs. Water vs. Trees

Irene is not Katrina, not even close. Read More...
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Irene Not a ‘Market Turning’ Event

The weekend storm will not create a hard market, but will put additional pressure on federal flood insurance. Read More...
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Caribbean Fund Escapes Irene Losses as it Enters Peak Wind Season

The CCRIF expects a busy September.
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Embarcadero Catastrophe Bond a ‘Negative’ for Reinsurance Industry: Moody’s

The new bond program could offer the struggling catastrophe bond market new life.
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Scor Triggers Contingent Capital

The facility may become more familiar in the property casualty industry. Read More...
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Foreign Reinsurance Tax Becomes Lucrative Political Football

As the budget clock ticks, lawmakers eye the reinsurance deduction. Read More...
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New Zealand Quake Commission Claims Hit $1 Billion

The EQC says that it expects payments to increase ‘significantly.’ Read More...
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Severe Weather Created Billions in May Losses: Aon

Aon Benfield’s May catastrophe report revealed a crippling month for natural disasters. Read More...
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Marsh to Offer Nephila, Guy Carp ILW

The ILW will be offered to U.S. and European clients. Read More...
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Following Downgrade, PartnerRe Issues New Tornado Losses

The Bermudian reinsurer will take a tornado hit in its second quarter earnings, shortly after getting a credit downgrade from Fitch. Read More...
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Tornado Frequency Continues to Vex Modelers, Insurers

The Joplin, Missouri storm may be another major severe loss for insurers. Read More...
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Politics Dominate Florida Reinsurance Move

Plans by Florida-based Citizen’s Property Insurance to tap the private reinsurance market are stoking a political battle.
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Sidecars Are Key for New Capacity: AM Best

Sidecars will become the ‘preferred capacity” in a hard market. Read More...
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Alterra Planning Brazil Expansion

The firm cited new rules that are pushing reisurers to set up shop in Brazil. Read More...
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Earthquake Losses, Deaths ‘Soar’ While Seismic Activity Remains Static: Report

Swiss Re says that insurers should prepare for increased losses. Read More...
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Australian Insurers Point at Mapping for Lack of Flood Cover

Queensland was not properly mapped, preventing insurers from offering cover, the industry argues.
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Australian Floods Will Not Change Insurer Ratings: S&P

Suncorp, QBE and Insurance Australia are expected to weather a flood of claims. Read More...
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With Model Set, CCRIF Looks Towards the Capital Markets

The Caribbean risk pool will be open to new risk transfer solutions following the completion of an internal model project. Read More...
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Reinsurers' Biggest Catastrophe May Be Lack of Catastrophes

A rush to the bottom may put the industry in a precarious financial spot. Read More...
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Wall Street: Too Much Capital Draining P/C ROE

Return on equity is going one way: down. Read More...
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"Chile is Chile"

Despite increasing claims, losses from the Chilean earthquake may not harden the broader market.
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"There May Not be Enough Capital to Go Around This Time"

Reports from Moody's and Aon say that the P/C reinsurance industry remains dangerously close the the precipice going into the hurricane season. Read More...
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Guy Carp: Florida Renewals Down, Longer-Term Trends Remain Unclear

The Sunshine State may get a breather from reinsurance price increases but a state attempt at long-term stabilization falls short. Read More...
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Paper Questions U.S. Coastal Property Insurance Sustainability

An academic view of coastal markets does not bode well. Read More...
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Lack of Cat Losses Key to Reinsurers’ Flush of Capital

The absence of a major natural catastrophe in 2009 helped the reinsurance industry recover its capital base. This year may not be so kind.
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Windstorm Losses Hitting French Insurers Hard

Windstorm Xynthia will undermine an already weakened domestic P/C market in France.
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Billions in Cat Losses Have Yet To Find Their Way Into Rates

Willis Re says that reinsurers have experienced monumental quarterly losses but rates remain steady. Read More...
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Japanese P/C Industry Faces Growth Challenges: Moody’s

The biggest firms want to expand internationally, but can’t. Read More...
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Gulf of Mexico Wind Remains Energy Reinsurance Outlier

Willis argues that despite increased capacity in the broader energy market the Gulf of Mexico remains problematic. Buyers chafe a new underwriting standards.
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S&P: Cat Losses Could Force Reinsurers Into the Capital Markets

Some reinsurers have already burned through half of the catastrophe budgets. Read More...
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Reinsurers Fail to React to Secondary Peril Threat

The industry continues to subsidize losses without charging adequate rates. Read More...
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Examiner Questions Lehman Reinsurance Play

The defunct firm's stake in Wilton Re is only a footnote in the 2,220 page bankruptcy report, but the questions it raises could have broader implications for private equity investments in reinsurance.
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One Weekend’s Cat Losses Could Cost Partner Re $390 Million

Claims could rise even higher as damaged is assessed. Read More...
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Academics Praise ILS Market Fundamentals but Raise Some Caution

Catastrophe bonds will become more important as reinsurance capital shrinks, but the market’s “underlying friction” remains. Life and longevity traders could be in store for a mortality spike. Read More...
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Cat Risk Limits Key to New Validus Bond Rating

Following the acquisition of IPC, Validus will need close watch on its catastrophe exposure.
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The $8 Million Question: Haiti and the Relevance of Catastrophe Pools

Some see the Haitian tragedy as proof that catastrophes pools in cooperation with the capital markets work and should be expanded.
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Reserving, Yields Will Challenge P/C Earnings

Despite a banner 2009, reinsurance profitability may become a scarce commodity in the new year.
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Aon: Cat Bonds, Collateralized Re to Grow in 2010

Other alternative structures, such as side cars and exposure swaps, will not fair as well. Read More...
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Despite Few ’09 Mega Cats, Data Shows Loss Trends Rising

Munich Re data shows that severe storm frequency is becoming a larger issue. Read More...
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Aon Report: Biggest Cats Continue to Be Least Insured

Beyond the headline number of insured losses, developing countries suffered greatly in 2009.
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Cat Bond Market Interest or Reinsurance Market Cost

The upsizing of the Travelers issuance may say more about pricing of traditional reinsurance than investor interest in catastrophe bonds. Read More...
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S&P Says Euro Insurance Struggles Will Continue Through 2012

Poor investment returns and Solvency II are muddying the outlook for the European insurance industry. Read More...
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Renewal Season’s Three Pricing Rules: Location, Location and Location

Willis Re’s James Kent says pricing on U.S. risks will vary significantly based on geography. Read More...
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Storm Frequency Becomes a Frequent Problem

Munich Re and RMS have rolled out products that target losses from local, but severe, convective storms. Read More...
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Cat Reinsurance Continues Growth With Big Price Swings

Swiss Re expects even greater adoption of traditional P/C reinsurance. Cat bonds will continue on rebound Read More...
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Moody’s Pulls Ratings on Over $2.5 Billion Genworth Life Structures

Several of Genworth Financial’s life securitizations had their ratings withdrawn last week in what may be the first of many for the life industry. Read More...
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CEA Ups Reinsurance Over $200 Million, Taps Two New Firms

California’s state-sponsored earthquake insurer has increased capacity. Lagging cat model changes kept premiums high. Read More...
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Cat Bonds May Favor Caymans

While Bermuda’s new supervisory scheme gains attention, Cayman’s cat bond track record will be difficult to overcome. Side cars may be a better bet for Bermuda.
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P/C Pros Defend Bermuda’s Domicile Dominance

Concern over the future of the insurance haven are misplaced. Professionals argue the island is well positioned despite well publicized tax flaps and defections. Read More...
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Bermuda Insurers Expect a Limited Role for ILS

With balance sheets shorn up, the island’s reinsurance players will use catastrophe bonds and side cars as just another “tool.” Read More...
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Captives Remain Market Choice for Terror Cover

As long as TRIA remains in tact, domestic captives are the vehicle of choice for terrorism cover. But NBCR remains elusive for many. Read More...
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Tinderbox: California Wildfires and the Mortgage Meltdown

The housing market could fuel wildfire woes in California. Read More...
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Morakot: A Major Test of Taiwan’s Developing Nat Cat Market

The storm may be the first time private reinsurers handle significant losses from Taiwan. Read More...
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The Impact of Catastrophe Lines on Select Reinsurers for the Second Quarter of 2009

The second quarter was a mixed bag for the world’s largest catastrophe reinsurers. Read More...
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Cat Risk at Center of Offshore Tax Debate

Changes in the deductibility of foreign affiliated reinsurance could alter the playing field in transferring U.S. catastrophe risk.
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U.S. Thunderstorm Losses Echo Across Industry

Insurers incurred over $6 billion so far this year; that’s $1 billion over the five year average. Read More...
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State Lawmakers Move Ahead with Cat Finance Proposal

Industry reps argue the focus on historical losses is flawed. Plus, the public cat model bill pegged at $15 million. Read More...
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Reinsurance Mergers, ILS Opportunity

As mergers drain capacity for property/casualty reinsurance, the door may be opening for ILS. Read More...
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S&P 2009 Insurance Industry Conference: Reserve Releases Could Leave Commercial P/C Carriers Exposed

Commercial property/casualty carriers have been drawing down precious capital from reserve accounts, making them vulnerable to longer-tail claims that could haunt them for years to come. Read More...
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S&P Insurance Conference: P/C Reinsurers Tout Discipline, but Concede Pricing Climate is a Cat Challenge

Property/casualty reinsurers need to be more aggressive about pricing climate change into catastrophe cover or they could face large underwriting losses on the business line. Read More...
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TRIA Rollback Ups Industry Threat Level

The new U.S. federal budget calls for slashing the $100 billion government-provided backstop for terrorism insurance, surprising many in the property/casualty industry who thought the subsidy was safe from tinkering until 2014.
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It Ain’t Easy [Quantifying] Being Green

Green building practices will have an impact on rebuilding costs after a loss event, but how much remains in question for insurers.
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Connecticut Ponders Cat Fund

Another coastal state is pondering the future of insuring catastrophe risk. Read More...
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SIFMA Conference: Cat Bond Secondary Market Ballooned with Sellers

Circumstances created a healthy secondary market for catastrophe bonds in 2008, even if it was mostly sellers. Read More...
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SIFMA Conference: Collateral Remains King

The risks and rewards of Treasuries, LIBOR Indexes and tri-party repos are being debated by the cat bond industry. Read More...
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SIFMA Conference: Catastrophe Bonds at an “Awkward Age”

Credit losses, illiquidity and sell offs have stunted the market’s growth. Participants look towards mid-year reinsurance renewals for signs of recovery. Read More...
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Texas Looks to Broaden Cat Fund Into ILS

New legislation would free the board to consider capital markets options. Read More...
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States Consider South Carolina Incentive-Based Disaster Model

Tax incentives, savings accounts may be pushed in coastal cat states. Read More...
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New PERILS Program Underscores Exposure Risk

Getting exposure data correct is key to model worries. Read More...
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Australian Bushfires May Force Rethink on Prevention

Local insurers will handle the losses but prevention practices may change. Read More...
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New President, New Challenges for Risk Transfer

Inauguration day could be the start of major legislative and regulatory changes for U.S.-based alternative strategies. Read More...
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P/C Reinsurers, Carriers Consider the Capital Markets Closed

Executives argue capital is scarce, expensive and everyone is doing just fine anyway. Read More...
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