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February 2013/3

  • Weekly share price movements and key data on The Insurance Insider's universe of P&C (re)insurers and brokers
  • Lloyd's carriers that insured disgraced law firm Milberg Weiss have sued their own lawyers Sedgwick for malpractice, claiming their case against the racketeering firm has been mismanaged.
  • Lloyd's insurers have sued oil titan BP and rig contractor Transocean, claiming they face potentially conflicting insurance claims from the two companies due to the fallout from the Deepwater Horizon disaster.
  • Insurers must be allowed to exit the market in an orderly fashion, the director of insurance supervision at the Financial Services Authority (FSA) told a London-based insurance conference last week.
  • Bronek Masojada, the CEO of Lloyd's carrier Hiscox, has said that Solvency II needs to have more focus on the customer and less focus on process.
  • Reinsurers should try to capture pension fund interest in the (re)insurance sector to benefit the Lloyd's market, Amlin CEO Charles Philipps has said.
  • Hannover Re said it bought more excess of loss (XoL) retro for 2013 as it reduced its "K" quota share by almost 6 percent in the January renewals.
  • Ariel veteran Don Kramer is still hoping to launch a new fund from his start-up manager ILS Capital Management in order to write business at the mid-year renewals, he told sister publication Trading Risk.
  • Allied World and Arch Capital, the last two major Bermudian (re)insurance groups to report fourth quarter earnings, added to the list of carriers that trumped Wall Street Street estimates, with reserve releases helping to offset the impact of Superstorm Sandy.
  • The New York-listed broking giants have posted earnings per share just in line or slightly ahead of Wall Street consensus forecasts, driven by solid organic growth in the fourth quarter that ranged from 3 to 7.5 percent.
  • Loss estimates for Superstorm Sandy deteriorated only slightly in the aggregate from first estimates during the Q4 earnings season, according to data compiled by The Insurance Insider.
  • US specialty insurers HCC Insurance Holdings and Navigators reported strong full-year income growth as positive reserve development helped offset Sandy losses.
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