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December 2015/3

  • Share price data on The Insurance Insider's universe of P&C (re)insurers
  • Global P&C stocks closed down 3.5 percent on Friday (11 December), but the sector avoided the brunt of a downturn that has heavily impacted indices on both sides of the Atlantic following a crash in the global oil price.
  • American International Group (AIG) and Ace are among a group of non-Lloyd’s focused carriers that were conspicuously absent from the list of insurers granted Solvency II internal model approval by the Prudential Regulation Authority (PRA) earlier this month.
  • Beazley has received approval for its internal model from Irish regulator the Central Bank of Ireland, it announced last week (11 December).
  • AM Best does not expect to take rating actions as a direct consequence of the implementation of Solvency II, it announced last week.
  • A former insurance executive has been jailed for 37 years and ordered to pay $137mn after he hid the failure of his business from regulators in an elaborate fraud that eventually saw him threaten a US judge.
  • The Hartford has received UK court approval to consolidate £452mn ($684mn) of its old London market liabilities into a single vehicle.
  • Business interruption (BI) exposures are growing significantly for onshore energy firms, with BI losses dominating many claims in the sector, according to research from Allianz Global Corporate & Specialty (AGCS).
  • November was another quiet period for aviation hull and war losses according to JLT's latest Plane Talking report, with hull losses totalling just $23.4mn.
  • Zenkyoren is set to add a further $300mn of cover to its catastrophe bond arrangements through a new Nakama Re transaction, sister publication Trading Risk reported.
  • The departure of American International Group (AIG)'s head of insurance capital markets Samir Shah has raised concerns among insurance-linked securities (ILS) investors about whether the carrier will remain as active in the cat bond market as it has been in recent years.
  • Ascot Underwriting has entered the accident and health (A&H) market with the hire of Neil Whitbread from Lloyd's peer Channel Syndicate, The Insurance Insider understands.