August 2014/4

Willis has estimated that a fire and explosion at an Argentinian tank farm this year has cost the downstream energy industry $180mn in physical damage (PD) alone.

Global broker Willis has questioned whether conditions in the rapidly softening downstream energy market are really as bad as some underwriters wished to suggest, noting that the market looked to have made money ever since Hurricane Ike in 2008.

Allied World will more than double its share of business in Asia with the purchase of RSA's Hong Kong and Singapore operations.

UK-headquartered insurance group RSA has earmarked further disposals over the coming 12 to 18 months as part of an ongoing bid to restore its stretched balance sheet and simplify operations.

Lloyd's has said that it is "minded" to approve a business plan for AmTrust's AG Doré Syndicate 2526 to continue operating in 2015, as reported by The Insurance Insider last week.

Randall & Quilter (R&Q)'s share price closed down 5 percent today (26 August) after it posted a loss for the first six months of the year, but founder Ken Randall was upbeat about the company's prospects for the second half of the year and beyond.

As QBE lines up its North American and two of its Australian agencies for sale, questions are being asked about whether the company will be able to secure sufficient considerations for the units to avoid write-downs of goodwill.

Struggling global insurer QBE has purchased a comprehensive reinsurance deal for $390mn to remove the reserving risk from its Italian and Spanish medical malpractice books, the carrier said in its interim results.

Portuguese talks; Price is right; Gallagher Pens; Quindell reports; Mitsui Sumitomo affirmed at A+; Swiss Re appoints; Bender promoted; Ecclesiastical sees the light; eAccounts volume doubles ; Talanx Brazil; Beazley beefs up; HIIG hires; Bring me my Speer; Arizona floods $10mn

Celebrated UK investment manager Neil Woodford has upped his stake in Lancashire Holdings to 5.51 percent.

Catastrophe modelling firm Eqecat has estimated that the Californian earthquake that struck near the iconic Napa Valley wine-producing region on 24 August may cost (re)insurers between $500mn and $1bn.

Sompo's international specialty arm Canopius intends to transfer the business from Syndicate 260 into one of its other syndicates, placing the dedicated motor insurer into run-off, The Insurance Insider has learned.