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December 2015/4

  • Share price data on The Insurance Insider's universe of P&C (re)insurers
  • An EU financial supervisory body has detailed the top four systemic risks that arise from the activities of European (re)insurers
  • The UK House of Lords has agreed to amend the late payment clause in the UK Enterprise Bill in a move backed by the industry as a positive step for London market competitiveness
  • Global P&C (re)insurance stocks were relatively flat last week despite a US Federal Reserve interest rate hike, as The Insider 30 nudged up by 0.15 percent
  • Hong Kong's new insurance regulatory body will establish a new oversight regime by 2018, with the organisation funded by a 0.1 percent levy on premiums
  • The manager of a ship that is the subject of an $85mn fraud case involving the murder of a British loss adjuster has been accused of collusion in yet the latest twist in a long-running UK court battle
  • The owner of the Italian medical malpractice broker currently embroiled in a legal dispute with US specialty insurer AmTrust "cannot be dealt with as an honourable commercial man", it was alleged in a court hearing late last week
  • Global insured losses from natural catastrophes and man-made events hit $32bn in 2015, just over half the 10-year average of $62bn, according to a report from Swiss Re's Sigma unit
  • Panellists at the EY (Re)insurance Outlook event agreed that the (re)insurance industry must increase diversity in its talent pool to increase innovation
  • The (re)insurance industry has a "collective obligation" to address the "massive" protection gap between developed and emerging economies, according to Hamilton Insurance Group CEO Brian Duperreault
  • The increase in US interest rates could have an impact on alternative capital's appetite for the (re)insurance industry, according to panellists at the EY (Re)Insurance Outlook event in Bermuda last week
  • Zurich's recently announced acquisition of Wells Fargo's crop insurance business is likely to limit confidence that the Swiss carrier is planning large-scale capital returns to shareholders.
  • Insurers are unlikely to see any effect on their investment portfolios after the US Federal Reserve raised interest rates for the first time in nearly a decade.
  • QBE is exploring a sale of its legacy UK employers' liability (EL) book, The Insurance Insider understands.
  • Pending EU data protection regulations have highlighted the lack of cyber insurance capacity in the European market.
  • Professional services firm Charles Taylor has hired four new members of staff to boost its technology division, The Insurance Insider can reveal.
  • AJG acquires Illinois broker; XL Catlin ups aviation limits; ACR ReTakaful downgrade; Takeover Panel agrees timetable; AM Best negative for 2016; PartnerRe gets Dubai approval; 2016 hurricane predictions; Besso secures re-fi deal; Qatar Re secures Dubai licence; Hiscox re-enters marine cargo; AGCS's Jensen departs; PwC predicts 10% rate drop; Lockton picks up Brazilian business; Allied World hires Asia marine head; Bernardino gets second term.
  • Spanish renewable energy and engineering group Abengoa appears to have been offered a lifeline by creditors, saving the credit and surety (re)insurance market from potentially billions of dollars in payouts.
  • The California Earthquake Authority (CEA) placed $200mn of five-year traditional reinsurance cover in the mid-year renewals, sister publication Trading Risk reported last week.
  • Markel Re has decided not to renew $200mn retro sidecar New Point Re for 2016, The Insurance Insider can reveal.
  • Global carrier Zurich has exhausted its marine reinsurance cover following an outsized loss from the Tianjin port explosions in August, The Insurance Insider has learned.
  • Aspen has hired Liberty's Oliver Brew to become head of cyber for the UK, US and Bermuda, based in London, The Insurance Insider can reveal.
  • Timing and segmentation of results could be two key factors in making the new Lloyd's insurance index attractive to investors.
  • Bermudian fund manager Aeolus is working with advisers as it considers bringing in new investors in early 2016, sources told sister publication Trading Risk
  • Last week we said that the first Fed rate rise for almost a decade was the first normal thing that has happened in the world economy since the onset of the global financial crisis
  • Despite Herculean attempts by reinsurers to talk a flat market into existence through the autumn conference season, softening across almost all lines and geographies is set to continue in the January renewals.