August 2015/3

Miller Insurance Services partner Simon Clarkson is set to join AJ Gallagher's specialist energy insurance brokerage Alesco, The Insurance Insider has learned.

Quindell names CEO; Montpelier Re loses Pollett; NAIC signs Bermudan MOU; Kuwait Re under review; Indonesia plane found; Catco strengthens;  PRA cyber questionnaire; Heritage to write in NC; Integro adds aviation division; Prima Italian quake bond; Torus US appoints CEO; GRP moves into UK retail; Iranian sanctions lifted

The global commercial insurance market saw its ninth consecutive quarter of rate softening in Q2, although some specialised lines are still holding their ground, according to a new report by broker Marsh.

The Turkish Catastrophe Insurance Pool (TCIP) will close its Bosphorus cat bond on target at $100mn, after having earlier indicated it might expand the bond to $200mn.

State National expects that Nephila will use less of its capacity in 2015 than previously forecast, as it reported $3.2mn in ceding fee income over the second quarter from the fund manager

Catco's London-listed Catco Reinsurance Opportunities Fund has delivered a 4.47 percent increase in net asset value during the first half of the year, compared to 4.3 percent in H1 2014.

The auction of Wells Fargo's $600mn-surplus US crop insurer could offer Bermudian carriers diversification that will help them fight against dwindling reinsurance returns and narrowing global specialty insurance margins.

The Australian government is considering creating a reinsurance pool as a way to reduce home, contents and strata insurance for cyclone-prone regions in Northern Australia.

Willis Re has hired Keith Lippmann and Brian Flasinski from Guy Carpenter's Philadelphia office just weeks after being raided by its larger rival in the city for a trio of senior executives, The Insurance Insider can reveal.

Validus can front business for PacRe to allow the hedge fund reinsurer to access business without a rating, CEO Ed Noonan told The Insurance Insider.

Lloyd's is close to making an application for an insurance licence in Tanzania, following a market group tour of east Africa, The Insurance Insider has learned.

Montpelier Re's Lloyd's CEO Richard Chattock and head of global property treaty Paul Hopwood are among the senior departures from the Bermudian following its $1.9bn acquisition by Endurance, The Insurance Insider can reveal.