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February 2013/4

  • Privately held UK motor insurer Esure is expected to list on the London Stock Exchange in a move that comes just months after UK bank RBS successfully listed its non-life insurer Direct Line
  • The specialist legacy acquisition arm of Bermudian reinsurer White Mountains has agreed to buy a run-off subsidiary of Leucadia National as it continues to build its presence in the sector.
  • Gabriel Bernardino, the chairman of the European Insurance and Occupational Pensions Authority, has expressed reservations about proposals to update the European Insurance Mediation Directive (IMD).
  • Former Equity Syndicate Management CEO Neil Utley has agreed to pay £130,000 to Lloyd's to cover the costs of investigations against him as he was censured and banned from acting as a director of a Lloyd's firm for two years.
  • New York-listed insurer Tower has refuted allegations that it failed to handle claims from Superstorm Sandy in a timely fashion, stating that it provided New York regulators with "voluminous information".
  • A key vote on the Omnibus II directive has been delayed again, implying that the final implementation of Solvency II may be delayed until at least 2016.
  • Berkshire Hathaway remains embroiled in a dispute with global reinsurer Swiss Re over a life reinsurance transaction that the investment conglomerate has claimed could cause damages of up to $1bn.
  • 30XL Group and luxury electric carmaker Fisker Automotive have settled out of court to end a $33mn lawsuit in which the Bermudian (re)insurer was accused of denying coverage for 338 hybrid electric cars destroyed by Superstorm Sandy.
  • The New York Federal Reserve Bank has settled with Bank of America (BoA) over a dispute involving toxic residential mortgage-backed securities (RMBS).
  • UK life insurer Legal & General (L&G) has completed its second longevity insurance deal, which covers £3.2bn of pension obligations, and has reinsured 70 percent of the transaction with Hannover Re.
  • RenaissanceRe CEO Neill Currie said the company is likely to do more "transformer" business where it acts as an intermediary for third-party capital and protection buyers, while speaking at the recent Bank of America Merrill Lynch insurance conference.
  • Bermudian insurance-linked security (ILS) fund manager Nephila Capital has grown its assets under management by more than $2bn over the past 18 months.
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