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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).
  • Amlin's decision to increase its net written premiums (NWP) at a time of deteriorating rate adequacy has not increased the amount of risk on its books, according to group CEO Charles Philipps.
  • Senior liability underwriter Laurie Devereaux has resigned his position at AmTrust at Lloyd's, The Insurance Insider can reveal.
  • Venture capital firm BP Marsh has bought an initial 5 percent stake in London market managing general agency (MGA) Nexus Underwriting Management, investing a total of £1.55mn.
  • The proposed joint Lloyd's start-up that could see Charles Taylor become a turnkey managing agent and its partner the Standard Club become a syndicate is no longer aiming for a 1 January go-live date, The Insurance Insider understands.
  • Chris Williamson, the managing director of specialist bloodstock broker Hughes-Gibb, has left the intermediary, The Insurance Insider can reveal.
  • Staff-owned intermediary Howard Global, one of the biggest brokers in the niche bloodstock market, is up for auction, The Insurance Insider can reveal.
  • AmTrust's AG Doré Syndicate 2526 looks set to continue into 2015 along broadly similar lines to this year despite weeks of rumours about its future.
  • Florida start-up SafePoint Insurance Company has revealed the details of its 2014 reinsurance programme, which includes multiple event cover with a top or drop (ToD) layer.
  • Australian mega-cedant Suncorp has raised the upper limit of its major 1 July catastrophe treaty from A$5.8bn to A$6.1bn, an increase of 5 percent.
  • State-owned carrier China Re is to hold off on a project to establish a platform in Switzerland as it focuses attention on its upcoming Hong Kong IPO, The Insurance Insider understands.
  • Catco chairman Nigel Barton said the firm's London-listed Catco Reinsurance Opportunities Fund was on track to outperform its 12-15 percent target return for 2014 after its net asset value gained 4.27 percent in the first half.
  • Credit cycle risk; James Schiro dies; US washout; London Ibericos; Allied Canada energy move; New Catlin London boss; ACR chair revolves; Ergo scales Greek heights; Reinsurer gloom; Hathaway's $200,000 shares; JLT Towers west coast hire; L&G quits ABI; Admiral commands less premium; Talanx Q2 weaker; Airmic compliance 100