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April 2013/3

  • AM Best has removed Canopius US Insurance from under review and affirmed its A- financial strength rating and a- issuer credit rating.
  • A federal judge has fully approved Bank of America\'s $2.4bn settlement with investors who claimed the firm\'s $50bn merger with the ailing investment bank Merrill Lynch was "reckless" and amounted to a "cover up".
  • A US federal court has approved a $115mn settlement over allegations that investors were misled by former American International Group (AIG) executives.
  • Disgraced cyclist Lance Armstrong last week asked a Texas court to throw out sports prize insurer SCA Promotions' $12mn suit against him, arguing that the allegations are time-barred.
  • US President Barack Obama has proposed a series of reforms to the federal government-backed crop insurance programme in a bid to save $11.7bn over the next 10 years.
  • Tax breaks for foreign (re)insurers have been put back on the political agenda as part of US president Barack Obama's proposed 2014 budget.
  • The Turkish Catastrophe Insurance Pool (TCIP) lifted the size of its planned cat bond to $250mn from a $100mn target after pricing guidance on the deal dropped below the initial lower-end indications, sources said.
  • The collateralised reinsurance and retrocession markets have seen the greatest growth in the alternative reinsurance space over the past nine months, according to estimates from Guy Carpenter.
  • The somewhat clunky term "decoupling" is becoming increasingly popular in the insurance linked securities (ILS) market as an explanation for the mismatch in pricing cat risk between alternative and mainstream reinsurance underwriters.
  • The chief executives of quoted London market (re)insurers were rewarded with substantial pay rises last year after their companies reported strong 2012 results, data compiled by The Insurance Insider shows.
  • There is an old bar room joke that goes something like this: if at first you don't succeed, sky diving is not for you.
  • It has proven a somewhat inexact science of late, but experts are again warning reinsurers to expect an above-average hurricane season due to unusually warm temperatures in the tropical Atlantic over the last several months.