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March 2010
If the insured losses from the magnitude 8.8 earthquake that struck Chile last month come in at between $3bn and $5bn, it will be the most expensive insured event to ever hit Latin America, Cooper Gay has said.
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Flagstone Reinsurance Holdings, the global reinsurance and insurance company, has announced its preliminary estimate of claims relating to its exposure to the earthquake in Chile is $50m net of reinstatement premiums and retrocession.
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Validus Holdings, the Bermuda based provider of reinsurance and insurance, today provided an initial estimate of losses from the recent Chilean earthquake and European windstorm Xynthia.
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French reinsurer Scor expects costs related to the recent earthquakes Chile to amount to about Eu95m ($130.7m) net pre-tax.
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On Thursday, March 11 two large aftershocks of the Mw8.8 Chile earthquake have struck the Libertador O’Higgins region of central Chile, reports the RMS Reactions Catastrophe Centre.
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Mexico has little catastrophe insurance coverage, despite a long history of severe earthquakes, The Wall Street Journal reports.
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Platinum Underwriters Holdings, the Bermudian reinsurance company, has announced an initial loss estimate from first quarter 2010 catastrophe events to date of about $85m.
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Spanish insurance group Mapfre recorded a net result of Eu937m ($1.3bn) in 2009, a 2.9% increase over 2008.
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Rating agency Moody’s believes reinsurers will shoulder the majority of insured losses from the Chilean earthquake because of the large amount of reinsurance protection purchased in Chile and the size of the catastrophe
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Bermudian reinsurance company PartnerRe expects between $220m and $320m of pre-tax losses from the magnitude 8.8 earthquake that hit Chile on February 27.
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Guy Carpenter has appointed senior executives in its Buenos Aires office. The company has named Roberto Glogau as country head in Argentina.
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The magnitude 8.8 earthquake that occurred off the coast of Chile on February 27, 2010 could cost insurers between $3bn and $8bn, according to risk modeling firm Eqecat.
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Insured losses from the earthquake that struck central Chile early Saturday February 27 will likely exceed $2bn, estimates AIR Worldwide.
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February 2010
A powerful magnitude 8.8 (moment magnitude) earthquake occurred offshore Maule, Chile at 06:34 UTC (3:34 am local time) on Saturday, 27 February, reports the RMS Reactions Catastrophe Centre.
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With three weeks to go until this year’s Brazilian Reinsurance Conference, the secretary of finance for the state of Rio de Janeiro tells Reactions what is keeping him busy, how the insurance market is integral to a successful Olympics and what he is looking forward to about the conference.
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Pierre Ozendo, chairman & CEO of Swiss Re America Corporation, tells Reactions about Swiss Re’s strategy in the industry’s most exciting market as well as what delegates can look forward to at the conference.
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Swiss Re has raised its dividend for 2009, in a sign that the world’s second-largest reinsurer is now in a position to repay a expensive convertible loan from Warren Buffett’s Berkshire Hathaway.
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The Spitzer-era ban on contingent commissions for the world’s biggest insurance brokers, Aon, Marsh and Willis, has been lifted. An equity analyst believes Aon and Marsh could now receive as much as $200m a year in contingent commissions.
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Lloyd’s of London’s decision to broaden its product range as part of its strategic plan will not harm the market’s position in its core lines, Sean McGovern, Lloyd’s general council, has told Reactions.
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Arthur J Gallagher & Co has announced the acquisition of Brazilian broker Securitas Re, from Estater Gestao de Investimentos
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PartnerRe's acquisition of Paris Re, along with involvement in initiatives such as the Global Reinsurance Forum trade group, confirms Patrick Thiele's position as one of the most influential reinsurance executives around.
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Reinsurance pricing softened at the January 1 2010 renewals. Reactions asks what this will mean for pricing for the rest of the year.
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MMC today reported a decline of net income to $38m in the fourth quarter of 2009, compared with net income of $80m in 2008. Marsh’s revenue for the quarter fell 4% while Guy Carpenter’s revenue for the year was up 23%.
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Ace Resseguradora, an indirect wholly-owned subsidiary of Ace, has received approval for a local reinsurance license from the Brazilian insurance and reinsurance regulatory agency.
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Aon Corporation surpassed expectations in the fourth quarter as the company saw the benefit of restructuring savings and favourable foreign currency translation.
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The Brazilian federal government has decided to reduce its control of IRB Brasil Re, the former reinsurance monopoly holder in Brazil, by transferring control over to Banco do Brasil.
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Despite the economic slowdown the Latin American insurance market held steadfast in 2008 and showed continued signs of strength in 2009, according to a Fundación Mapfre report.
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Global reinsurers face the daunting prospect of eroding profitability margins over the next two to three years, S&P has warned in a new report.
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January 2010
Frank O’Halloran, CEO of Australian insurer QBE Insurance Group, has been announced as the 2010 Insurance Hall of Fame winner.
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Read a selection of stories from the December 2009/January 2010 issue of Reactions.
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Reactions canvassed executive search firms worldwide to produce a list of who they believe will be the top leaders of the future. Here are the names they came up with.
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Mexican life insurer Argos Aegon is looking to strengthen its ties with partner, Dutch insurer Aegon,
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Thompson Heath & Bond, THB’s Lloyd’s broking arm, has enhanced its international treaty platform by hiring three senior brokers specialising in the Latin American, Caribbean, Middle Eastern and Asia/Pacific territories.
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Members of the Guy Carpenter Global Reinsurance Composite saw their total net income more than double to almost $10bn in the first nine months of 2009, according to a Guy Carpenter briefing.