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December 2013/4

  • Insurance brokers largely tracked the market's movement, with Aon, MMC and Brown & Brown all up more than 1.5 percent for the week.
  • European (re)insurance stocks climbed strongly last week amid a broader advance of equity markets, with composite insurer Axa leading the way.
  • London-based specialty (re)insurance stocks surged up last week, as the latest in a series of richly valued M&A transactions demonstrated the enduring appeal of a Lloyd's platform to strategic buyers.
  • Several market commentators have talked of (re)insurance markets bifurcating into winners and losers recently, and though these comments largely relate to property cat reinsurance there has been plenty of evidence of the same trend in the broader P&C sector.
  • Troubled run-off acquirer Tawa plc has announced plans to demerge its services and run-off businesses and sell its German subsidiary Hamburger Internationale (HIR) to rival Compre for a net consideration of EUR3.2mn.
  • A political stalemate that allows the US government backstop for terrorism insurance to lapse in 2015 could cause property terrorism premiums double in the first half of next year, Aon Risk Solutions has warned.
  • Global insurance regulators have asked for industry feedback on proposed capital rules for insurers that are deemed so big their failure could destabilise the financial system.
  • A former Aon employee is suing the firm in an Illinois court for alleged sexual discrimination and ageism after he was twice overlooked for a promotion.
  • Global Aerospace is reportedly on the hook for a $135mn claim after American Airlines settled with the investment bank and brokerage firm, Cantor Fitzgerald, over damages relating to 11 September 2001 terror attacks.
  • A WR Berkley subsidiary is expected to appeal a jury decision that indirectly left it on the hook for at least $178mn after a trucking company it insured was found liable for wrongful death, The Insurance Insider understands.
  • The World Bank has provided the Uruguayan state-owned hydro-electric power company with a $450mn weather and oil price insurance cover, and has reinsured the risk with Swiss Re and Nephila Capital through the latter's partnership with fronting reinsurer Allianz.
  • French reinsurer Scor has bought EUR200mn ($272mn) of protection against extreme natural catastrophe and mortality risk in an innovative contingent capital deal with Swiss bank UBS.