May 14th, 2010

Week’s Top Stories: May 8 - 14, 2010

Posted at 1:00 PM ET

GC Videocast - Trends in Global Catastrophe Losses:  Chris Klein, Guy Carpenter’s Head of Business Intelligence, reviews trends in global catastrophe losses along with insured losses. Guy Carpenter’s ten year moving average of losses ticked down in 2009 to USD36.2 billion.

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Catastrophe Bond Update: First Quarter 2010: Heavy Smoke, Some Fire: Encouraging Conditions Persist*:   In the first quarter of 2010, two catastrophe bond transactions were completed, and USD300 million of risk capital was issued. In response to strong investor demand, both transactions closed within initial price guidance and were upsized relative to announced placement targets. While this activity furthers the integration of the capital markets into the risk management processes of protection buyers, on balance, issuance volumes for the quarter were perhaps a bit lighter than expected at the close of 2009.

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GC Videocast - Dramatic Improvement in Reinsurer Earnings and Balance Sheets Following Financial Crisis:   Chris Klein, Guy Carpenter’s Head of Business Intelligence, reviews the dramatic change and improvement in reinsurers’ fortunes following the global financial crisis. He reviews the year- end 2009 earnings results of the Guy Carpenter Bermuda Reinsurance Composite. He also reviews the primary drivers for capital decline and then growth among those reinsurers in 2008 and 2009, respectively. The impact of capital growth on capacity is also discussed.

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New Videocast Series: The Global (Re)insurance Marketplace 2010: Guy Carpenter’s Experts:   Today, GCCapitalIdeas begins a series of videocasts delivered by Guy Carpenter & Company, LLC experts covering trends and developments impacting the global (re)insurance marketplace. Over the next several weeks, on a daily basis, you will be able to hear and see our thought leaders offer their views on and interpretations of a wide range of timely issues. The topics will include: financial constraints impacting the market, the role of enterprise risk management on book value, the states of the property and non-property reinsurance markets, including upcoming June 1 and July 1 renewals and the current view of the insurance linked securities market. We are pleased to put you in closer touch with Guy Carpenter leaders and experts, and our intellectual capital, through this medium.

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GC Videocast - US PC (Re)insurers’ Earnings Have Been Supported by Releases of Prior Year Loss Reserves:  Can This Be Sustained?   Chris Klein, Guy Carpenter’s Head of Business Intelligence, reviews the relationship between accident year initial loss picks and subsequent calendar year development for that accident year. Good years appear to get better and bad years appear to get worse.

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And, you may have missed…

Aviation Market Struggling to Rebound:  Despite the slight rate increases that aviation underwriters experienced in the final quarter of 2008, as 2009 began they could foresee another difficult year ahead. The events of September 11, 2001 left the insurance and reinsurance markets reeling. Immediate rate rises enabled the market to rebound. However, an improvement in aviation operational safety standards and a lack of major liability losses in the intervening years created an environment where premium levels fell, year on year. Aviation insurers had cause for concern.

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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, Inc. 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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