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August 2014/3

  • Weekly share price data on The Insurance Insider's universe of P&C (re)insurers
  • P&C (re)insurance stocks bounced back across the board last week as our Insider 30 index increased by 1.79 percent.
  • Multiple class action lawsuits alleging that Willis aided financier Allen Stanford and the Stanford International Bank (SIB) in a $7bn Ponzi scheme could be merged after a court hearing due on 21 August.
  • Towers Watson and JLT Re are set to appear in a New York court later this year to appeal against a previous decision that blocked the companies from suing Guy Carpenter after it hired Jay Woods and a team of accident and health (A&H) brokers.
  • Dozens of insurers have appealed to a New York court in a bid to avoid "tens of millions of dollars" of historic environmental and asbestos claims stemming from the US railway operator Amtrak.
  • Former Tysers COO Quintin Heaney last week won an unfair dismissal tribunal but the court rejected his claims that he was sacked for blowing the whistle about regulatory disclosures.
  • Non-aligned Lloyd's syndicates reported an improved aggregate forecast for the 2012 year of account, according to updated results from Lloyd's members' agent Argenta.
  • Leading aviation broking house JLT has warned that while underwriters remain confident about the inherent safety of airlines, another major claim on top of recent losses could cause "extreme market reactions".
  • Top-line growth accelerated for Bermudian carriers during the second quarter, as cheap retrocession and a continued propensity for insurance growth counteracted tough market conditions in reinsurance.
  • Although natural catastrophe losses remained relatively low, a spate of man-made claims blemished the underwriting performance of a handful of major reinsurers during the second quarter of 2014.
  • Brit Insurance CEO Mark Cloutier hinted last week that aviation rates could increase by as much as 50 percent in the wake of the Tripoli Airport and Malaysia Airline losses.
  • UK outsourcing company Xchanging plc has placed 42 additional staff at risk of redundancy as part of the third phase of its transition to the Claims Transformation Programme (CTP).