October 9th, 2009

Week’s Top Stories: Oct 3 - Oct 9, 2009

Posted at 1:00 PM ET

Update: Typhoon Melor: Typhoon Melor made landfall in southern Japan as it clipped Mie Prefecture shortly after 18:00 UTC on October 7, 2009 (02:00 on 8 October local time) as a weak Category 1 typhoon with sustained winds of around 74 mph (119 kmph), according to the Joint Typhoon Warning Center (JTWC). Melor then went on to hit Aichi Prefecture before moving along the archipelago.

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Guy Carpenter Fifth Annual Specialty Insurance Program Issuing Carrier Survey, Part I: A Steady Marketplace: The Program Administrators and Managing General Agents (PA/MGA) market has remained remarkably consistent from 2008 to 2009, despite the outbreak of the worst financial crisis in more than 70 years. While the number of respondents perceiving market growth has declined since last year, the outlook remains quite upbeat, especially given the year’s tumultuous market conditions.

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Continental European Legal Update: Mandatory Deductible in German D&O Insurance: Formerly, D&O insurance seldom included deductibles borne personally by the members of a company’s Management Board (Vorstand). The Act on the Adequacy of Management Board Compensation (Gesetz zur Angemessenheit der Vorstandsvergütung — “VorstAG”), adopted on June 18, 2009 by the German Parliament, now makes this mandatory.

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Cat Bond Update: Second Quarter 2009*: The catastrophe bond market continues to advance, though issuances are down from 2008. The activity represents a positive rally from the hiatus during the second half of 2008. For the first half of 2009, nine bonds have been issued, with aggregate risk capital of USD1.38 billion. The continuing stabilization of financial markets and a decrease in catastrophe bond spreads, however, could result in more issuance activity in the second half of the year, particularly for sponsors which had considered issuances in the first and second quarters but deferred their plans because catastrophe bond spreads were considered to be too wide (i.e., catastrophe bond protection was considered to be too expensive).

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Impact and Implications of Swiss Hailstorms in July 2009: Insured Losses for July 2009 Hailstorms: For the purposes of this report, Guy Carpenter spoke to the Intercantonal Reinsurance Union (IRV), a body that represents all the cantonal insurers, and the ES-Pool, which represents 15 private insurers in Switzerland. The responses we received suggest cantonal and private insurers are likely to payout 150,000 claims totalling more than CHF733 million. Table 3 shows how the overall insured loss is split between cantonal and private insurers and line of business.

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Most Popular Keyword: Managing General Agent (MGA)

And, you may have missed …

Guy Carpenter to Acquire Rattner Mackenzie: Guy Carpenter & Company, LLC, the world’s leading risk and reinsurance specialist, announced that it has entered an agreement to buy all of the issued shares of the London-based reinsurance broker Rattner Mackenzie Limited (RML) from HCC Insurance Holdings, Inc. (HCC).

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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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