April 2013/4
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Certain Lloyd's underwriters owe the lead smelter Doe Run $62.5mn in damages, a Missouri appeals court ruled last week (16 April) in a precedent-setting case.
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Bank of America has reached a $500mn settlement with buyers of mortgage-back securities (MBS) issued by its Countrywide unit.
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American International Group (AIG) can move its $10bn dispute with Bank of America to a state court, thanks to the existence of a comma.
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The Financial Conduct Authority (FCA), the UK's new consumer-focused supervisor, has said it will not usually investigate regulatory failures that result in harm of £30mn or less to financial customers.
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QBE has agreed to pay a $10mn penalty to the State of New York over its force-placed insurance business.
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US state insurers of last resort are holding $150bn of property catastrophe risk, presenting a prime growth opportunity for the alternative reinsurance market, says Nephila Capital founding principal Greg Hagood.
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Ace launched a $95mn special purpose vehicle Altair Re to take the number of 2013 sidecars to seven, which are bringing more than $1.1bn of new capital to the sector.
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The sponsors of two cat bonds currently on the market have expanded their fundraising targets as indicative pricing on the deals declined.
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Allstate is seeking to raise $250mn from its new Sanders Re cat bond issuance after lopping off the top layers of its traditional reinsurance programme, sister publication Trading Risk reported last week.
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The crunch 2013-14 renewal of the major reinsurance programme purchased by the International Group of protection and indemnity insurers has resulted in a significant broadening of the security base, assisted by Everest Re, Berkshire Hathaway subsidiary National Indemnity and Lloyd's leader Beazley, The Insurance Insider has learned.
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The upstream energy market suffered its smallest loss in more than a decade last year, despite 2011 being the worst recorded year for catastrophe losses, according to Willis.
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Downstream energy insurers may be about to exit the market as rates have reached "rock-bottom", global broker Willis predicted in its annual energy review.
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US specialty insurer RLI reported that rates were "moving up modestly" as it announced strong top line growth in the first quarter of 2013.
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Platinum Underwriters CEO Michael Price said he expects to see significant softening at the mid-year US cat renewals as the Bermudian unveiled first quarter profits that trumped Wall Street consensus forecasts last week.
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The aviation market will likely absorb the $50mn hull loss from an accident involving a Boeing 737-800 belonging to Lion Air without incident, according to Willis.
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Lloyd's direct and facultative property players are expected to avoid losses from the devastating fertiliser plant explosion in the town of West, Texas as the loss is understood to be covered by the US domestic market.
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A landslide at mining conglomerate Rio Tinto's Bingham Canyon mine in Utah could cost mining underwriters between $700mn and $1bn, sister publication Inside FAC has said.
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Cooper Gay Swett & Crawford has completed a $500mn refinancing exercise that will leave the global broker with an acquisitions war chest of more than $300mn.
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Florida-headquartered Brown & Brown unveiled the Q1 reporting season last week with a healthy first quarter that included a 22 percent year-on-year increase in net income and $25mn in contingents or profit sharing arrangements.
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Revenues at BB&T's broking operation CRC soared by 34 percent to $365mn in the first quarter as the $570mn acquisition of Crump fed through to the top line.
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Lloyd's reinsurer Cathedral is likely to attract a valuation that is closer to £200mn than £250mn, according to multiple banking sources.
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The Insurance Insider offers an exclusive glimpse of the Confidential Information Memorandum produced for Project Hudson...
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Companies are struggling to identify and manage the major risks to their organisations, according to a new survey by global broker Aon.
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The next phase of the nascent hardening of the US P&C markets will be a popular conversation topic this week as insurers meet face-to-face with the largest market of corporate insurance purchasers at the RIMS convention in Los Angeles.
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