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April 2015/5

  • Share price data on The Insurance Insider's universe of P&C (re)insurers
  • P&C share price performance lagged behind the wider stock market last week as The Insider 30 traded down by 1.16 percent.
  • The International Underwriting Association (IUA) has welcomed the European Union (EU)'s plans to renegotiate US collateral requirements for overseas reinsurers, saying it would lead to a "simpler and much better co-ordinated" reinsurance industry.
  • The passage of a US bill that extends liability protection for companies prepared to share information about cyber attacks should be replicated globally, according to cyber insurance experts.
  • The Insurance Company of the State of Pennsylvania (TICSP), a subsidiary of AIG, is suing Arthur J Gallagher-owned broker Heath Lambert for $6mn after it was unable to collect on a legacy reinsurance policy.
  • A UK Commercial Court judge has ruled against WR Berkley and Aspen in a preliminary hearing over a long-running and precedent-setting dispute brought by a captive insurer.
  • Closing arguments have been heard in the trial brought by former American International Group (AIG) CEO Maurice "Hank" Greenberg against the US government, which he claims cheated shareholders out of $40bn in a distressed bailout.
  • Operating returns for US insurance giants Ace, Chubb and Travelers came under pressure during the first quarter of 2015 due to foreign currency headwinds, lower investment income and US winter weather losses.
  • With three of the US P&C industry's bellwether carriers reporting last week, it was inevitable that pricing would again be the focus of conversation on the firms' Q1 earnings calls.
  • The US commercial P&C insurance market continued to soften during the first quarter of 2015 as pricing across all account sizes fell by 2.3 percent on average, the latest Council of Insurance Agents and Brokers (CIAB) survey has revealed.
  • Towers Watson said that it remained positive on the reinsurance sector, but suggested that investors adjust their reinsurance allocation to be "moderately underweight" relative to their target exposure.
  • Travelers has returned to the insurance-linked securities (ILS) market with a new $200mn Long Point Re III cat bond, sister publication Trading Risk reported last week.