August 2013/3

Weekly share price movements and key data on The Insurance Insider's universe of P&C (re)insurers and brokers

Software firm SanDisk has told a California federal court that demands from Zurich Insurance Group for extra information on a disputed claim regarding a power cut at its Japanese semiconductor fabrication plants are "overbroad".

American International Group (AIG) has asked a California federal court to dismiss a lawsuit alleging that the insurer's taxpayer-funded 2008 bailout was "fraudulent" on the grounds that it has no basis in fact.

The Lloyd's Franchise Board has devised a system of ranking syndicates to pick out the worst-rated performers for greater oversight, The Insurance Insider understands.

In one year, the availability of capital has gone from being insurers' second-biggest concern to their 16th-biggest, according to a PwC survey.

The Indian regulator has loosened its controls on insurance broking amid signs that the world's largest democracy is beginning to respond to criticism of its highly regulated and protectionist approach.

Meadowbrook is likely to receive interest from legacy buyers after the company effectively put itself into play by appointing Willis Capital Markets to conduct a strategic review.

Catalina, Fairfax Financial Holdings and Tower Group have reached an agreement under which Fairfax will buy American Safety Insurance (ASI) and Catalina will purchase American Safety Re to end the bidding war for the US insurer.  

A collateralised reinsurance deal for the Texas Windstorm Insurance Association (TWIA) has resulted in the debut bond issuance from service company Kane's private cat bond platform.

Qatari-backed collateralised reinsurance fund Catco now has a 20 percent share of the retro market, according to the London-listed firm.  

Chaucer's nuclear Syndicate 1176 has lifted its forecast mid-point result for the 2011 year of account from a predicted 7.5 percent loss to a 7.5 percent profit.

As we enter the peak North Atlantic windstorm catastrophe season there was a noticeable decline in the probable maximum loss (PML) estimates for major catastrophe events reported by a number of (re)insurers in the second quarter.

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.

WR Berkley Syndicate 1967 has hired a team of three aviation underwriters from Lloyd's peer Travelers as it plans to add a new line for the 2013 account, The Insurance Insider can reveal.

Japanese mutual insurer Zenkyoren has returned to the cat bond market with a new $150mn earthquake offering, sister publication Trading Risk has revealed.

US fronting and motor programme business State National is being sold in a formal auction process run by Evercore, The Insurance Insider has learned.

The fast-growing Florida homeowners' insurer Federated National lowered the retention and significantly increased the limit on its 1 July reinsurance programme, as it increased its top line by 81 percent in the first half of 2013.

FM Global has taken the giant Halliburton property insurance placement from the open market to write the cover 100 percent on a two-year non-cancellable deal at a lower cost than the 2012 policy, The Insurance Insider can reveal.

Lloyd's and international (re)insurer Amlin expects to shrug off falling catastrophe reinsurance prices this year thanks to buoyant growth from its UK arm and a rebound at its European operation, chief executive Charles Philipps told The Insurance Insider today (19 August).

Incoming BMS CEO Dane Douetil will look to capitalise on the independent intermediary's heavy investments in broking staff over the past few years.

NZ quake; Wesfarmers bounce; Towers Watson grows; Zurich falls; Hogan hired; Heaney quits...

London market casualty underwriting veteran Keith Rutter has returned to the market as director and general manager at niche Lloyd's broker and coverholder HBA, The Insurance Insider has learned.

Investment bank Espirito Santo is close to making new senior appointments to protect its corporate broking franchise, The Insurance Insider understands.

US workers' compensation insurer and programme manager Meadowbrook Insurance Group could be forced to immediately repay $45.5mn of outstanding loans after it violated two debt covenant agreements due to a goodwill impairment charge it reported in its delayed second quarter financials.  

We insurance journalists are accustomed to expecting the unexpected; after all, much of our job entails reacting to events that tend to come with little warning