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Arrivals and departures

3 February 2012

In London there has been plenty of activity in the arrivals and departure lounges recently. Lloyd's direct and facultative specialist Channel Syndicate 2015, for example, has continued to expand its underwriting team with the hire of Grant Witheat as head of its specialty property division… Read more

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London market continues to bug Markel

3 February 2012

Specialty insurer Markel Corporation reported a $251.9mn profit for 2011, less than half the $430.6mn income made in 2010, as its London market operations produced underwriting losses that were not fully counterbalanced by reserve releases… Read more

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RKH acquires D&F team from Tysers

3 February 2012

Former Aon Benfield Fac head continues to build London presence… Read more

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News Digest

3 February 2012

Specialty (re)insurer Lancashire announced on 30 January that it is expecting fourth quarter 2011 losses of between $24mn and $28mn from the Thai floods, after reinsurance and reinstatement premiums. The company also said that it has increased its estimated exposure to the Tohoku earthquake by $42.2mn to create a net loss estimate of $117.3mn, after reinstatement premium… Read more

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Travelers wins $420mn asbestos dispute

3 February 2012

A New York Court upheld a $420.4mn ruling in favour of Travelers last week over reinsurance payments due to the insurer from complex asbestos-related cases that date back decades… Read more

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China IPOs to cost D&O market $250mn+

3 February 2012

Underwriters of directors' and officers' (D&O) policies covering the IPOs or reverse takeovers (RTOs) of US-listed Chinese companies could face claims of more than $250mn… Read more

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$180mn power loss to hit US & London markets

3 February 2012

A recent fire at Xcel Energy's Sherburne County Generating Station (Sherco), is expected to cost the power market up to $180mn, Inside FAC understands… Read more

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Lloyd’s CEO warns of 2011 record loss burden

3 February 2012

Lloyd's CEO Richard Ward has hinted at record 2011 losses for the Society after warning that it could prove to be Lloyd's worst ever year for major cat losses… Read more

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Lancashire reinsurers anticipate $25mn Costa Concordia loss

3 February 2012

Lancashire is expected to take a $50mn gross loss stemming from the capsized Costa Concordia cruise ship, according to industry sources, with the fac market taking a hit of around $25mn… Read more

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Petroplus loss ushers in 2012 credit market turmoil

3 February 2012

The warning from brokers that the global credit (re)insurance/political risk market will enter another testing period in 2012, highlighted in January's Inside FAC, has already been borne out with news of another potential $100mn loss… Read more

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