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Insight and Intelligence on the Global Facultative Markets

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Willis in firing line as law firms launch $1bn Stanford class action

US law firms Strasburger & Price and Castillo Snyder have filed a class action lawsuit in the US Federal Court against Willis Group Holdings, seeking $1bn in damages.

Stanford Financial's directors' and officers' (D&O) insurance, bankers' blanket bond (BBB) insurance and errors and omissions (E&O) cover was placed in the London market through global insurance broker Willis.

The suit, filed on behalf of Mexican depositor cli...

Mixed-bag for 1/7 renewals
Facultative reinsurance renewals at the mainly treaty-driven 1 July renewals have shown no discernable pattern, with rate-rises for US cat-exposed business offset by reductions in core European market...

Catlin leads reinsurance programme for Italian crash train operator
Lloyd's insurer Catlin is understood to be the leader on the liability reinsurance programme for Italian train operator Ferrovie dello Stato, following last night's crash in the Tuscan city of Viaregg...

Ace leads on Yemenia air crash
Global insurer Ace is understood to lead the cover for the insurance policy on Yemen Airways flight IY626, which crashed near the Comoros Islands in the Indian Ocean, carrying more than 150 people on ...

Michael Jackson insurance loss to be modest
Any eventual losses to the contingency market as a result of the unexpected death of pop legend Michael Jackson are expected to be modest with a total cancellation policy sum insured of just $...

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Hannover Re poised to launch capital markets Fac vehicle
The call for much-needed capacity for catastrophe-exposed facultative risks in the second half of the year could soon be partially answered by Hannover Re with the proposed launch of an innovati...

Satellite market shrugs off EUR120mn Eutelstat loss
The satellite insurance market is set to take a EUR120mn hit from the loss of French company Eutelsat’s communications satellite W2M, Inside FAC understands. The failure of W2M is considered ...

Inside France: Vive le Facultative
Since the high speed link on the English side of the Channel Tunnel has been completed, journey times between London and Paris have been reduced to a remarkable 2 hours and 15 minutes, making it eas...

Apache CBI loss estimates lowered
Business interruption (BI) losses stemming from last June’s pipeline explosion off Varanus Island in Western Australia are not now likely to be as high as originally thought, Inside FAC unders...

Arrivals and Departures
Just before we went to press we learned that the revolving door at XL Capital continues to see people leave the company, with Dermot O’Donohoe resigning his position as chief underwriting offi...

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Wacko! Dear Reader, Just what is all the fuss about? A potentially massive passenger liability loss following Washington’s train crash this week hardly gets mentioned. Or you get a major loss like the explosion at ConAgra’s ‘Slim Jim’ plant in North Carolina earlier this month, killing three peopl...

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