May 1st, 2009

Week’s Top Stories Apr 26 - May 1, 2009

Posted at 4:00 PM ET

Florida Insurance Roundup: Apr 20 — 26, 2009: This update covers several topics:

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Japan 4/1 Reinsurance Renewal: Windstorm: In the face of a difficult market for capacity, the overall purchased limit actually increased at the April 1, 2009 renewal in Japan. This was not easy to accomplish, and cedents searched all available markets exhaustively to ensure that all capacity that could be bound at current pricing was bound.

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Cat Bond Update: First Quarter 2009: A strong first quarter has demonstrated that catastrophe bonds are still important tools for risk managers, treasurers, and CFOs. After five months of silence since the last issuance in mid-August 2008, three bonds closed in the first quarter of 2009 bringing USD575 million in fresh capital and confirmation that these instruments are still attractive investments, despite the ongoing the global financial catastrophe.*

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Solvency II Passes EU Parliament: The European Parliament approved the proposed Solvency II directive on Wednesday. The EU’s Economic and Financial Affairs Council is expected to adopt the framework by May 5, 2009, with the measure likely taking effect in 2012.

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Push Pandemic Out of Insurance: Life carriers struggle with the notion of hedging pandemic risk. The probability of an event occurring in any particular year is low. Even if an outbreak does occur, the process for estimating losses and determining reserves is unclear. Capital approaches do not consider probabilistic tail scenario risks. Quite simply, managing pandemic risk is an effort mired in doubt, though the potential for a devastating, multibillion dollar, worldwide outbreak is real.

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Most Popular Keyword: Solvency II

And, you may have missed …

Japan 4/1 Reinsurance Renewal: Earthquake: Probable maximum loss (PML) ceded by the market declined only slightly for the second year in a row at the April 1, 2009 reinsurance renewal in Japan. Some treaty restructuring caused capacity to increase modestly, resulting in the growth in “air” capacity (i.e., the difference between theoretical available capacity and actual capacity ceded). Rate on line (ROL) grew by approximately 2.5 percent. Commissions were unchanged.

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* Securities or investments, as applicable, are offered in the United States through GC Securities, a division of MMC Securities Corp., a US registered broker-dealer and member FINRA/SIPC. Main Office: 1166 Avenue of the Americas, New York, NY 10036. Phone: (212) 345-5000. Securities or investments, as applicable, are offered in the European Union by GC Securities, a division of MMC Securities (Europe) Ltd., which is authorized and regulated by the Financial Services Authority. Reinsurance products are placed through qualified affiliates of Guy Carpenter & Company, LLC. MMC Securities Corp., MMC Securities (Europe) Ltd. and Guy Carpenter & Company, LLC are affiliates owned by Marsh & McLennan Companies. This communication is not intended as an offer to sell or a solicitation of any offer to buy any security, financial instrument, reinsurance or insurance product.

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