March 2015/3

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

P&C (re)insurance stocks traded up last week as The Insider 30 index made a 0.96 percent gain.

A new piece of legislation, currently being implemented in China, is likely to drive an uptick in the amount of reinsurance premium ceded to carriers based onshore, rating agency AM Best has said.

The Federal Emergency Management Agency (Fema) has agreed to reopen and review around 144,000 flood insurance claims filed by victims of Superstorm Sandy, amid suggestions that some claims were handled unfairly.

Third Point Re's chief financial officer has maintained that the vehicle is a "real" insurer rather than a means of enabling hedge funds to benefit from tax advantages, as the US Internal Revenue Service (IRS) considers tightening its guidelines.

Lloyd's last week (13 March) welcomed the passage of a bill that will enable it and other foreign reinsurers to establish onshore branches in India.

Representatives of the London (re)insurance market are optimistic that the UK Chancellor of the Exchequer will include significant provisions for the sector in this year's budget, which is scheduled for 18 March.

Specialty insurer Navigators has filed a complaint and demanded costs from the US Department of Justice (DoJ) for withholding documents about an insured for more than 18 months.

RSA group general counsel Derek Walsh has denied former executive Philip Smith's claims that the UK multi-line insurer knew about the misuse of reserves at its Irish subsidiary.

Despite a largely benign catastrophe environment, global reinsurers delivered varied underwriting performance for the last quarter of 2014 as they faced growing expenses and thinning reserve releases.

Global reinsurers' top lines came under pressure in 2014, as the group altered their portfolios in light of a deteriorating marketplace.

AM Best has given a B++ financial strength rating to Knighthead Annuity & Life Assurance Company, an annuity insurer launched by distressed debt investor Knighthead Capital Management.