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December 2014/3

  • Share price data on The Insurance Insider's universe of P&C (re)insurers
  • The Insider 30 tumbled by 2.16 percent last week as P&C (re)insurance shares traded down
  • Insurers are working to ensure their investment strategies are sufficiently transparent before the European Union's Solvency II capital regime is implemented on 1 January 2016.
  • Martin Wheatley, CEO of the UK's Financial Conduct Authority (FCA), will forgo his £115,000 annual bonus after a bungled media briefing led to millions being wiped off the value of UK life insurers in March 2014.
  • UK state-backed flood reinsurer Flood Re has lined up a managing agent and retrocession broker, following separate tenders launched earlier this year.
  • The US House of Representatives has unanimously passed legislation designed to end confusion around the federal requirements imposed on systemically important insurers that fall under the supervision of the Federal Reserve.
  • The US House of Representatives has voted to pass legislation needed to extend the Terrorism Risk Insurance Act (Tria)
  • Fourteen insurers have lost a $22.5mn court battle over a claim for a ship impounded by the Venezuelan authorities after three large bundles of cocaine were found strapped to its hull
  • Professional lines insurers may be forced to bolster reserves by up to 39 percent after a stealth tax change that could see UK Commercial Court awards and settlements subject to duty
  • AmTrust's former Italian medical malpractice broker Trust Risk Group was withholding more than EUR54mn in premiums following the acrimonious breakdown of the exclusive distribution agreement between the two firms.
  • Managing cash assets is becoming increasingly difficult for insurers' investment officers due to creeping regulation and the low-yield environment. The Insurance Insider investigates what's on the horizon for money market funds and cash management strategies.
  • November aviation renewals showed a return to softening rates, reversing the recent moderate hardening trend, according to a report published by major broker JLT last week.
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