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August 2011/4

  • Aviva plc has become the latest European insurer to streamline its operations before Solvency II begins in 2013.
  • US insurer Allstate is suing Goldman Sachs, alleging that the investment bank misrepresented the quality of mortgage-linked investments it sold to the firm.
  • The promoter of Michael Jackson's comeback concerts, AEG Live, is countersuing Lloyd's insurers Cathedral and Talbot after they filed earlier in the year to have a $17.5mn contingency policy voided by the California courts system.
  • Property cat reinsurers could be set for a boost in demand from Florida insurers under proposals to reduce the role of the state's catastrophe fund.
  • Yoshihiro Kawai, secretary general of global insurance watchdog the International Association of Insurance Supervisors (IAIS), said that it is probable that new methods for determining if any insurers are too big to fail should be ready for discussion at the G20 meeting in Mexico in 2012.
  • The European Insurance and Occupational Pensions Authority (Eiopa) has announced it is to launch a low yield environment test for the continent's life insurers.
  • Insurance regulators in Bermuda, Japan and Switzerland are largely on track to meet criteria under the upcoming Solvency II regime, according to the European Insurance and Occupational Pensions Authority (Eiopa).
  • The pension risk transfer market turned over deals worth £1.4bn during the second quarter of 2011, according to data from consultancy Hymans Robertson.
  • The capital markets could provide the oil industry with more comprehensive (re)insurance cover at a more competitive price, the founders of a new insurance-linked securities (ILS) venture argue.
  • Aon Corp CEO Greg Case believes that his firm is on course to achieve its 25 percent margin goal in its broking arm, but concedes he is not satisfied with organic growth in the business.
  • Despite optimism that property catastrophe reinsurance rates will continue to rise at 1 January 2012 as RMS catastrophe model changes are implemented more broadly, RenaissanceRe does not see sufficient demand to justify creating a new sidecar.
  • The recent stock market volatility - as further heavy falls at the end of last week wiped out earlier gains - means the P&C sector is trading at around historic lows.
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