August 2013/3

The second quarter of 2013 marked an important inflection point for P&C insurers as evidence suggested that pricing gains were set to peak, Bernstein Research analyst Josh Stirling said in a recent note.

Specie insurers are likely to cede a portion of the recent $73mn Riviera jewel heist loss to reinsurers, inflicting yet more pain on markets that absorbed heavy losses from Hurricane Sandy.

The crash-landing of an Asiana Airlines plane in San Francisco International Airport (SFO) last month will be the biggest insured aviation loss since 2009, according to broker JLT's monthly Plane Talking report.

Endurance made two key hires last week as it continues to build the senior management of its professional lines insurance business in the US under new CEO John Charman.

American International Group (AIG) is showing strong intent in the directors' and officers' (D&O) liability market by putting up significant Side A limit that it believes will enable a significant reduction in the number of carriers and layers on insurance towers.  

The UK solicitors' professional indemnity (PI) market is in for a shake-up as market leader XL announced it would significantly reduce its exposure and second-in-line QBE reacted by extending cover to include the riskier 1-3 partner firms.

Shares in AmTrust fell sharply on Friday (16 August) after the US insurance group said it had completed the private placement of $250mn in senior notes to take its financial leverage to a historical high.

Third Point Re shares defied jittery US markets to enjoy a solid introduction to the New York Stock Exchange last week after the Bermudian's $276mn initial public offering (IPO) on 15 August.

Apollo's $1.8bn acquisition of British insurer Aviva's US operations received a double boost last week after regulators in Iowa and New York approved the deal.

Newly appointed Torus CEO Dermot O'Donohoe has moved quickly to address failures in the global specialty insurer's Americas business as it prepares for its sale to diversifying run-off acquirer Enstar.

US broker Arthur J Gallagher (AJG) has continued its acquisitive streak with a deal to buy US rival Bollinger Inc for $276.5mn in cash and shares, the firm announced on 12 August.

Private equity behemoth Blackstone is in advanced talks to buy the up-for-sale majority stake in Goldman Sachs' UK subsidiary Rothesay Life, valued at between £800mn-£900mn, The Insurance Insider revealed last week.