January 2015/3

Share price data on The Insurance Insider's universe of P&C (re)insurers

Insurance industry representatives have met with Her Majesty's Revenues and Customs (HMRC) to discuss the potential implications of the new diverted profits tax, which is due to come into force on 1 April 2015.

The delegated acts for the European Union (EU)'s capital regime Solvency II officially entered into force on 18 January, following publication in the official journal of the EU the day before.

The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) have launched a consultation into a reduced management levy limit for the Financial Services Compensation Scheme (FSCS).

Global P&C (re)insurance stocks outperformed the S&P 500 last week despite The Insider 30 falling by 0.24 percent

A number of Lloyd's insurers have lost a $64.4mn UK Commercial Court battle over a shipping loss that has been linked to the murder of a British loss adjuster.

AmTrust has launched a strongly worded response to a class action suit brought by a number of shareholders after its stock plummeted in response to a critical note from a short seller.

Business interruption (BI) has been named as the top peril facing businesses for the third year in a row, according to research from Allianz Global Corporate & Specialty (AGCS).

Faced with a gloomy outlook for the P&C commercial and personal lines (re)insurance sector, equity analysts are beginning to reassess their stock selection theses as they seek to identify companies that can outperform for investors.

US commercial P&C insurance rates are finally set to soften in 2015 following years of slowing price gains, according to the latest Barclays commercial P&C insurance buyers' survey.

Insurers in the $1bn+ Superstorm Sandy suit brought by Amtrak have filed motions opposing the US railroad operator's request for summary judgment on the definition of "flood" and Sandy's status as a single loss occurrence.

A $175mn settlement plan to compensate victims of the catastrophic Lac-Mégantic oil train derailment and fire in 2013 has been filed in a Quebec court.

Hiscox said that assets under management in its Kiskadee funds management division had grown to more than $400mn at 1 January, up from $110mn at the start of 2014.

Data from Lane Financial showed that the average insurance-linked securities (ILS) spread is now 2.36 percent above a 2.24 percent expected loss - the thinnest margin since the company began tracking records in 2002. 

CatCo recorded 14 percent growth in net asset value (NAV) last year for its London-listed fund, even after reserving for a small US storm loss.

Cat bond sponsors may push for broader coverage in 2015 as insurance-linked securities (ILS) broker-dealers said that they expected ILS market volumes to continue expanding.

Capsicum Re is poised to enter the facultative reinsurance market with the hire of GC Fac's London head Malcolm Payton, sister title Inside FAC revealed last week.

Willis is suing one of its former executive directors for £1.25mn for allegedly receiving "secret commissions".

Global broking group Willis has announced that it has restructured into four operating segments from its original three.

Rating agency AM Best has revised its outlook for QBE from negative to stable and affirmed its financial strength rating of A.

The Swiss National Bank (SNB)'s surprise decision to abandon the peg tying the country's currency to the euro triggered a sharp drop in the share prices of Zurich and Swiss Re on 15 January.

Aon Benfield has hired Linley Ah-Chung, one of the most senior marine and energy brokers at Willis Re, The Insurance Insider can reveal.

Private equity-owned insurance broker Cooper Gay has begun a cost-cutting programme that will make a number of senior staff redundant as it looks to reverse a drop in profitability, The Insurance Insider has learned.

Hyperion and RK Harrison are looking to strike a final agreement on their proposed deal by mid-February, The Insurance Insider understands.