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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.
  • Two CEOs of Bermudian reinsurers last week gave sharply contrasting views of the return hurdles that their businesses need to meet as they deal with an indifferent rating environment and de minimis investment returns.
  • The transfer of almost $30bn of exposure from its coastal account to Weston Insurance Company has given Citizens Property Insurance Corporation two years' grace before it needs to seek additional pre-event liquidity - provided there is no major storm.
  • JLT Re is looking to use its role as key architect in the pioneering Weston launch and Citizens take-out as a platform to further grow its reinsurance business in Florida and the wider US marketplace.
  • Martin Reith no longer has any immediate plans to launch a start-up (re)insurer and is not pursuing a return to the market in the near term, The Insurance Insider can reveal.
  • Heavyweight Brazilian bank BTG Pactual has been eliminated from the Atrium sales process, as financial sources struggle to identify any bidders that have passed through to the second round.
  • The restructured and re-priced 2013/14 placement of the International Group (IG)'s protection and indemnity (P&I) programme has filtered through to terms for an aggregate retro cover that protects its captive Hydra, The Insurance Insider has learned.
  • Sullivan steps down; NZ EQC surmounts pricing peak; Buffett gets saucy; Ex-Argenta exec heads up new M&A unit; Marsh combines big ticket divisions; Beazley shelves debt reshuffle; Doré adds A&H; A&H broking duo in garden;
  • Lloyd's is working to bring all legacy claims into the new Claims Transformation Programme (CTP), according to a letter sent to market participants by the Corporation's head of claims David Lang.
  • The London market will either innovate or "wither on the vine", according to an executive research paper commissioned by London-listed specialty (re)insurer Novae.
  • Lancashire's new tail-risk retro/reinsurance product sold through its $250mn Saltire Re I sidecar did not take off as planned at the 1 January renewals, leading the company to return the bulk of capital to investors just three months after its launch, sister publication Trading Risk revealed.
  • The depopulation drive by Citizens Property Insurance Corporation is continuing to attract new capital to Florida with the expected launch of Axis Capital-backed take-out insurer Qorval, The Insurance Insider can reveal.
  • In our sector, reams of research is produced on a daily basis but almost all of it is numbers-based.
  • US cat underwriters facing a highly competitive mid-year renewal have been given a welcome boost by fresh demand for more than $1bn of private market reinsurance limit from $50mn Floridian start-up Weston Insurance Company.