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.

Florida insurer Safepoint Insurance Company is sponsoring its first cat bond, Manatee Re, according to sources.

Allstate has launched a seven-year Sanders Re cat bond transaction as it seeks to push the boundaries of insurance-linked securities (ILS) investor appetite, sister publication Trading Risk reported last week.

Over recent weeks The Insurance Insider has seen a number of leaked memos from XL Catlin insiders detailing the forthcoming leadership structure for the new insurance powerhouse.

AM Best's downgrade of the Attorney's Liability Assurance Society (Alas Inc) at the end of last month has brought the US legal risk retention group into focus amid deteriorating underwriting results compounded by declining investment yields.

Amwins' tie-up with Nephila Capital will add significant capacity to the US wholesaler and managing general agency (MGA)'s all-risk property offering to retail brokers, as well as further evolving its distribution model.

Zurich leads the $250mn directors' and officers' (D&O) cover for Brazilian oil giant Petrobras with a $15mn layer, The Insurance Insider understands.

Lloyd's US property cat specialist Icat is scaling up its reinsurance programme with an almost doubling of its first event limit to $500mn, significant second event protection and a slug of available third event cover, The Insurance Insider can reveal.

Global cedant Zurich is expected to seek a major rate reduction when it releases firm order terms to the reinsurance market for the renewal of its 1 April catastrophe programmes, The Insurance Insider understands.

Insurance giant Aviva looks set to secure a 15 percent rate reduction on its main UK cover when it renews on 1 April, The Insurance Insider can reveal. Normal 0 false

The number of US-based Marsh clients purchasing standalone cyber insurance increased by 32 percent last year compared to 2013, according to a cyber trends report published by the broking heavyweight last week (12 March).

Simon Lee, the former CEO of RSA, has been hired by Fairfax Financial Holdings as an international adviser, The Insurance Insider revealed earlier today (16 March).

AIG acquires; Lloyd's Beijing; Cyclone Pam; Axis and PartnerRe boost; Thai attractions; BHSI energy hire; Double Dubai; Torus exit; Citizens levy ends; Cyclone Marcia; Scor shuffle; Integro acquires; Validus affirmed; Hales exits; Airmic appoints