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December 2012/3

  • Weekly share price movements and key data on The Insurance Insider's universe of P&C (re)insurers and brokers
  • Pension Insurance Corporation (PIC) has reinsured yet another tranche of longevity risk with Munich Re covering liabilities worth £400mn.
  • With reinsurers piling on the pressure following major losses to the International Group (IG) reinsurance programme, protection and indemnity (P&I) clubs may choose to increase their attachment points at the next renewal in order to offset premium increases, according to Willis Global Marine's annual P&I review, released last week.
  • White Mountains' specialist run-off acquisition arm has agreed to buy a third American International Group (AIG) unit in six months as the Bermudian continues to make its presence felt in the legacy sector.
  • Bermudian (re)insurer Argo has awarded Shelbourne the contract to provide a whole account quota share for the prior-year reserves on its Lloyd's Syndicate 1200.
  • A UK appeals court has refused to allow insurers of a US industrial firm to use an English court to instruct a Pennsylvania district judge in an asbestos-related legal dispute that spans the UK and US.
  • Global broker Aon has answered a complaint brought by a former employee that sought to free him from his non-solicitation agreement by arguing that the court should not provide injunctive relief.
  • R&Q Reinsurance Company has accused Sentry Insurance of providing late notification of underlying asbestos-related and fire losses on two facultative reinsurance contracts.
  • The UK Competition Commission (CC) is to focus its investigation into private motor insurance on the moral hazard of separating cost liability from cost control, which can unfairly push up insurance rates.
  • American International Group (AIG) CEO Robert Benmosche has urged global regulators not to issue blanket increases to the amount of capital that insurers deemed "too big to fail" are required to hold.
  • The Obama administration has asked US Congress to grant the Federal Emergency Management Agency (FEMA) an additional $9.7bn in borrowing authority for the National Flood Insurance Program (NFIP).
  • Swiss Re has redeemed two tranches of its Vita Capital IV extreme mortality cat bond worth $125mn one year ahead of maturity, sister publication Trading Risk reported.
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