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April 2014/4

  • The Insurance Insider's look-up table for all of the weekly, monthly and YTD share price movements of the companies in our updated composites
  • Hiscox has increased its capacity for US domiciled terrorism risk to $200mn as it responds to increased demand for the product with the upcoming expiration of the government backstop under TRIPRA.
  • Strong bottom line growth helped push Allied World's share price up 4.17 percent last week, following reports of a 54 percent lift in Q1 operating profits to $129.9mn, or $3.84 a share, smashing the Wall Street consensus of $2.17 a share.
  • AstraZeneca will not challenge a court ruling that allowed insurers Ace and XL to avoid a $200mn claim related to personal injury lawsuits filed by users of the pharmaceutical giant's Seroquel anti-psychosis drug.
  • UK regulatory body the Prudential Regulation Authority (PRA), which last year issued two consultation papers on the use of capital extraction mechanisms and schemes of arrangement for solvent, run-off firms, has "softened" its advice in the final guidelines released late last week.
  • Fairfax subsidiary TIG Insurance Company has asked a New York court to rule that it is not liable to cover two class action suits alleging that the National Hockey League (NHL) failed to protect players against head trauma.
  • Despite $1mn policy limit, California court award forces WRB into a large settlement...
  • From 1 May, US households covered by the National Flood Insurance Program (NFIP) will benefit from a drop in their flood premiums after lawmakers suspended legislation that pushed prices sharply higher.
  • Part of the massive bailout of American International Group (AIG) under the Troubled Asset Relief Program (Tarp) is estimated to have cost the US taxpayer a total of $15bn, according to a Congressional Budget Office (CBO) report published last week.
  • The UK's Prudential Regulation Authority (PRA) has unveiled strict criteria governing the way that general insurers will be required to calculate their technical provisions and internal models under the incoming Solvency II capital regime.
  • A strongly worded defence of London-listed insurance technology firm Quindell, issued by the company on Friday (25 April), has failed to halt a precipitous drop in its shares triggered last week by a research note from US investor Gotham City Research that questioned its profitability.
  • Acquisitive US brokers AJ Gallagher (AJG) and Brown & Brown have reported contrasting fortunes so far in 2014, despite rising expenses and lower organic growth during the first quarter.
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