April 2012/4

Randall and Quilter (R&Q) has denied a reinsurance liability linked to its 2006 acquisition of R&Q Re - formerly known as Brandywine - from P&C insurance giant Ace and said the ongoing dispute is likely to intensify.

Hartford has been ordered to credit $24mn back to 300,000 accidental death and dismemberment (AD&D) policyholders in New York following a settlement with state regulator the New York Department of Financial Services (DFS).

All of the managing agents at Lloyd's have now passed the test for the Society's new claims regime that became effective at the start of the year.

The EU has cracked down on Guernsey's zero-10 corporate tax regime branding it as "harmful", this follows a similar ruling on zero-10 tax codes in Jersey and the Isle of Man last year.

The Federal Insurance Office (FIO)'s report on modernising US insurance regulation - which is already three months late - could be delayed further until after the presidential election in November.

The New York Federal Reserve last week began seeking bids for some of the collateralised debt obligations (CDOs) it owns in its Maiden Lane III vehicle due to its bailout of American International Group (AIG) in October 2008.

International financial regulators are not interested in hearing arguments that attempt to differentiate the (re)insurers from their cousins in the banking sector, executives were told at a London 100 working group on regulation.

With 2011 being the worst year on record for insurance cat losses, 2012 is a "very good moment" to start investing in insurance-linked securities (ILS), according to Clariden Leu's head of ILS investments Michael Stahel.

Secondary cat bond pricing fell 2 percent in the first quarter of 2012 as an active new issuance pipeline and selling pressure pushed the market down, according to Aon Benfield Securities.

Swiss Re is seeking $150mn of cover for US and European windstorm with its latest cat bond offering, Mythen Re, sister publication Trading Risk revealed last week.

Amid the current drive from UK politicians to encourage more women into the boardroom, the listed Lloyd's insurers are looking somewhat unreconstructed.

Companies are more likely to form new captives onshore in the US or the EU instead of opening in offshore locations, according to Marsh's 2012 Captive Benchmarking Report.