The Week in a Minute, Sept. 9, 2011

Summer’s over – back to work!

  • Lots of bad weather:
    • NHC is tracking Katia, Maria and Nate. Of the three, Maria could turn out to be a wind threat. We’ll know more next week.
    • Nate might bring rain to Texas which needs it. After a yearlong drought, wildfires have destroyed hundreds of homes. Tab: $100M.
    • On the other hand, rain has its considerable downside. Remnants of Hurricane Lee are causing the worst floods in Pennsylvania since Hurricane Agnes (1972).
    • And in Asia, Tropical Storm Talas left a $600M tab.
  • Reinsurers withstood the cat-filled first half OK, according to an Aon report I wrote about. Capital has fallen 5% from year-end, but that’s mainly because of dividends and share buybacks. Best basically agreed with Aon’s assessment.
  • Most stolen vehicle: 1994 Honda Accord.
  • ACE is buying agribusiness insurer Penn Millers for $107M.
  • Gary Josephson won the CAS race for president-elect.

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