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Based on property and casualty companies’ pre-announcements and other data, losses from the Feb. 22 New Zealand earthquake damages could be as much as three-times worse than the September quake in the same region, Morgan Stanley said.

The industry should “stay tuned” as the revised catastrophe model from Risk Management Solutions rolls out, the chief executive officer of RenaissanceRe told NU Online News Service, describing the model changes and potential market impacts as meaningful.

RenaissanceRe completed the sale of its U.S. insurance businesses, while another Bermuda company, Aspen, is strengthening the leadership of its U.S. insurance operation.

Consolidation in the crop insurance sector continued as Everest Re Group, a Bermuda-based insurer, announced Wednesday that it has entered into discussions with Kansas-based Heartland Crop Insurance regarding a potential acquisition.

A number of Bermuda insurers reported significant drops in net income in the third quarter of 2010--many within the 20-50 percent range, with declines primarily related to the New Zealand earthquake and other smaller catastrophes.

The vast majority of domestic specialty carriers put the size of the program business market at $20 billion or over in a recent survey, and a third of the respondents

The vast majority of domestic specialty carriers put the size of the program business market at $20 billion or over in a recent survey, and a third of the respondents believes the market is over $40 billion.

QBE Insurance Group today announced its acquisition of the U.S. insurance operations of Bermuda-based RenaissanceRe, including Iowa-based crop insurer Agro National, for approximately $275 million.