February 2012/4

HBSC has sold several insurance divisions in Asia and South America to insurers QBE and Axa the companies confirmed today (7 March) after speculation emerged on the sale last week.

As loss adjusters assess the damage from last week's deadly burst of tornadoes in the Midwest, early suggestions are that insured losses will not match the magnitude of the multiple billion dollar claims that several outbreaks each spawned in the US last year. 0

Diversified UK-based (re)insurance investor and legacy acquirer Tawa has announced a shock 13.5 percent fall in book value.

Charles Taylor Consulting (CTC) is to pull back from the P&C legacy market to focus on its professional services business, The Insurance Insider revealed last week.

Lloyd's has called on underwriters to ensure they are complying with US state and federal laws when writing force-placed insurance, following a recent court ruling on a class action lawsuit against QBE and Wells Fargo.

The start of the much anticipated BP Deepwater Horizon trial has been delayed by one week to allow the oil giant more time to reach an agreement with plaintiffs impacted by the 2010 disaster.

Exxon Mobil Corporation has sued certain Lloyd's underwriters and over 350 other insurers seeking cover for anticipated asbestos claims against the oil giant.

A New York court has ruled against Aon in its ongoing poaching case with Alliant. Aon accused the rival firm and former senior Aon construction broking executive Michael Cusack of breaching an injunction that bars Alliant from poaching Aon employees and clients.

London-based insurers being sued by Societe Generale (Soc Gen) over a $500mn claim for missing gold bullion have defended their case, saying the French bank failed to disclose crucial information before concluding the insurance contract.

Deutsche Bank has completed the largest longevity swap to date via a huge risk transfer deal with insurer Aegon covering EUR12bn in annuity liabilities.

US insurer Chubb has dropped earthquake risk from its latest cat bond offer and will instead add tornado risk to the US hurricane cover it is seeking from the new East Lane Re V issuance.

In contrast to previous decades, when many of the top reinsurers had AAA financial strength ratings, a survey by The Insurance Insider shows there are now only seven companies with AA status.