Included in this week's bulletin are details of the $300mn settlement reached between (re)insurers and mining conglomerate BHP Billiton in relation to the 2008 near biblical Australian floods, which severely damaged some of its mines and caused considerable lost production.
Drilling contractor Transocean is expected to be involved in in-depth discussions with lawyers and underwriters connected with its liability insurance programme in the coming weeks following the company's agreement with US authorities to pay a $1.4bn fine for its role in the 2010 Deepwater Horizon disaster.
Mining underwriters have been given a substantial lift with Australian mining conglomerate BHP Billiton settling its 2008 flooding claims for $300mn.
Natural catastrophes in 2012 are set to cost the market some $65bn, with the vast majority of these losses attributable to the United States, according to Munich Re.
The 1.1 reinsurance renewals were characterized by ample dedicated capital and stable pricing with only loss-affected lines and regions experiencing price volatility, according to the latest analysis by the major broking houses.
Directors' and officers' underwriters received a small fillip in the final quarter of 2012 with a marked decline in the number of new securities class action lawsuits filed in the United States.There were 156 new securities class action lawsuit filings during 2012, a figure down from the 188 suits filed the previous year and one below the 1996-2011 average of 193.
The upstream energy market looks set to continue a twin track approach in the first quarter of 2013, with rating reductions on the property side counterbalanced by a hardening energy liability market, according to the latest assessment by specialist broker Lloyd & Partners (L&P).
Property facultative rates for US flood exposures in the Federal Emergency Management Agency's (Fema) designated Zone A are currently seeing increases in the range of 25-50 percent, according to Aspen Re.
Private equity-backed financial lines managing agency Nexus Underwriting Management (NUM) is moving into the trade credit arena with the launch of a new Lloyd's managing general agency, Nexus CIFS Limited.
Expansive broker BMS Group has opened a Sydney office, its first in the Asia Pacific region, following the recruitment of former Aon Benfield facultative broker Glenn Kerr.
Long-standing power specialist Charlotte Condon has joined Miller's reinsurance team in London.