April 2016/3

Share price data on The Insurance Insider's universe of P&C (re)insurers

Last week proved to be a positive one, particularly for euro-denominated stocks, with some insurers recording share price rises of more than 10 percent.

The UK Court of Appeal has sent a landmark professional indemnity (PI) case involving American International Group (AIG) back to the Commercial Court for re-trial.

A UK High Court judge has thrown out an application made by AmTrust Europe for EUR32mn ($36mn) to be reinstated into a neutral trust fund, as the insurer battles its former Italian medical malpractice broker for ownership of the funds.

A Greek ship-owner accused by insurers of scuttling his own vessel in a $100mn case avoided travelling to London because of fears he would be arrested by police, his lawyer told a court on Friday (15 April).

New anti-inversion tax rules have removed the possibility for insurers to move offshore in M&A deals.

Xchanging said it hoped secondary "trades" of reinsurance contracts would become an integral facility of its X-gRm platform after reinsurance broker TigerRisk announced it had completed the first such transaction.

Barbican will continue to cede a 15.4 percent whole-account quota share to Credit Suisse Asset Management in 2016 through the fund manager's new Arcus Syndicate.

Hurricane forecasters are split on the outlook for the 2016 season amid uncertainty over a potential transition to a La Niña weather pattern.

Women have a seat on less than half of the executive boards for companies in the Lloyd's market, a new survey from the Corporation's diversity division has found.

A review of the US directors' and officers' (D&O) market by Fitch Ratings has predicted that rates will continue to decline in 2016, given the headwinds of plentiful capacity and stable loss levels.

Aviation underwriters experienced a relatively muted first quarter for claims in 2016, as loss activity fell substantially compared to the same period last year.

With first quarter earnings disclosures around the corner, market expectations have formed of bottom lines that will reflect both low catastrophe levels and rates that are contracting further.

Swiss Re is nearing a deal with Brazilian insurer Bradesco Seguros to create a large risks joint venture, according to local media reports.

The 7.0 magnitude earthquake that struck the Kumamoto prefecture of Japan in the early hours of Saturday morning (16 April) local time has forced the closure of factories belonging to Toyota, Honda, Mitsubishi and Sony.

Novae builds cyber; Capsicum Re confirms marine and energy duo; ArgoGlobal appoints NED; Early Ecuador quake estimates predict low losses; CIRC to name SIIs; Cyber hire at Aspen; PPL demos announced; TigerRisk recruits Kusche; Lloyd's signs Dubai framework ; TMK expands into property owners' insurance; Chubb Tempest Re appoints Lee-Amies; Fitch issues Chinese insurer warning; CCRIF lands major backers; IG increases Iran fall-back limit; UK motor rate rises stall; HSB approved for drone use; Comp

Account retention in Zurich's global corporate business in North America has remained high in 2016, despite the well-publicised challenges facing the insurer, according to unit CEO Paul Horgan.

Upheaval at some of the biggest players in the P&C industry has created opportunities for carriers and brokers as some programmes are re-marketed for the first time in years.

As the industry tries to develop cyber solutions that respond to buyers' broader needs, carriers are continuing to grapple with the fast-changing exposures to the peril.

The great debate over coverage for cyber exposures beyond the core network security and privacy product continued in earnest at the Rims annual conference last week, with little sign of resolution.

Aegis London's finance director James Halley is leaving the company, with two other senior members of staff resigning last week, The Insurance Insider can reveal.

Sompo Canopius has withdrawn from the food and beverage product recall market globally, The Insurance Insider understands.

China Minsheng Investment (CMI) has closed its acquisition of White Mountains' reinsurance arm Sirius, with the final purchase price set at $2.59bn, the seller said today (18 April).

Global carrier Allianz's reinsurance subsidiary Allianz Re has substantially reorganised its internal structure to reflect recent changes to its business activities.