February 2012/3

Diversified (re)insurance investor Tawa has signalled its intent to ramp up its presence in the London market with the launch of an ambitious new wholesale broker.

More than 30 passengers from the ill-fated final cruise of the Costa Concordia have joined a lawsuit that charges the vessel's owners with fraudulent misrepresentation and inducement, taking the total number of plaintiffs to 39.

Mitsui Oil & Exploration has announced it will pay $45mn to the US Justice Department and around $25mn in total to Alabama, Florida, Louisiana, Mississippi and Texas for pollution violations, ahead of the Deepwater Horizon trial in two weeks.

Live-market (re)insurers currently trading below book value would make a "logical" target for run-off buyers, according to Validus CEO Ed Noonan.

Tawa - the UK listed company controlled by billionaires François Pinault and Lakshmi Mittal - is considering separating its run-off and (re)insurance service businesses in a bid to spark interest in its moribund share price.

UK Prime Minister David Cameron has vowed to clamp down on excessive whiplash injury claims, which are costing motor insurers up to £2bn a year and driving up premiums on individual policies by £90 on average.

The global insurance industry has saved almost $3bn from amendments made to the US Foreign Account Tax Compliance Act (Fatca), according to KPMG estimates.

Revived measures in President Obama's 2013 budget to forbid tax deductions for reinsurance premiums ceded to foreign-based affiliates once again divided industry groups, pleasing heavyweight US insurers such as WR Berkley and Liberty Mutual but sparking opposition from other trade groups.

A rare outbreak of bipartisan agreement on Capitol Hill last week could end the long-running saga over renewing the authorisation of the National Flood Insurance Program (NFIP).

The AlphaCat Re 2011 sidecar run by Bermudian reinsurer Validus has expanded to around $280mn, according to sources.

Hedge funds are showing renewed interest in the reinsurance sector after the 2011 catastrophe losses, according to AM Best.

Bermudian collateralised reinsurance writer Aeolus raised and deployed about $1.2bn in capital over the past year as it evolved from a private equity partnership into a third party funds manager, sister publication Trading Risk has reported.