May 2015/2

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 1.18 percent gain, outperforming the FTSE 100 and S&P 500 but lagging behind the Euro Stoxx 600.

The Federal Emergency Management Agency (Fema) is to offer homeowners affected by Superstorm Sandy the option of reviewing their flood insurance claims, amid allegations that some were handled fraudulently.

Private equity funds are exploring a number of "direct and indirect" avenues to begin writing legacy risks, the annual Insurance and Reinsurance Legacy Association (Irla) Congress heard last week.

Canadian conglomerate Fairfax has announced a pair of legacy transactions worth more than $126mn.

Willis has been granted an extension of an injunction blocking rival broker JLT from poaching any more of its specie team, moving the deadline up to April 2016.

The first quarter of 2015 saw a 9 percent year-on-year decline in overall new securities and business litigation filings and enforcement actions, according to research conducted by Advisen.

Global reinsurers' aggregate shareholders' equity increased by 5 percent to $344bn last year, according to Willis Re's reinsurance index.

Global reinsurers' flagship P&C reinsurance arms reported a general deterioration in underwriting performance during the first quarter, as increased expenses, higher-than-expected man-made losses and widening core loss ratios dented results.

In a quarter spared the impact of cat losses it was perhaps surprising to see a significant deterioration in the underwriting performance of the quartet of short-tail carriers tracked by The Insurance Insider.

Underwriting performance for Bermudian carriers worsened slightly during the first three months of 2015, as underlying core loss experience and expense ratios increased amid another light catastrophe quarter.

Demand for facultative reinsurance in many areas is now significantly on the rise, according to the exclusive findings from sister publication Inside FAC's 2015 Market Survey.

Large property facultative accounts in the US came under continued downward pressure at the April/May renewals, with rates described as "off a cliff" and "a bloodbath" by London sources.

Third Point Re has begun winding down its catastrophe fund, with assets under management (AuM) falling 35 percent over the first quarter.

RenaissanceRe's permanent sidecar DaVinci Re reported a 7 percent decrease in first quarter net income to $52mn, following a 22 percent reduction in net earned premium income to $61mn.

Military mutual insurer and insurance-linked securities (ILS) stalwart USAA has launched its 24th Residential Re catastrophe bond, which is targeting $150mn in annual aggregate cover, sister title Trading Risk has reported.

AM Best is assessing the business plans of three "serious candidates" in the hedge fund reinsurer ratings process, the agency has confirmed.

Swiss Re America has achieved strong growth in its regional and national (R&N) business as a significant change in strategy over the last few years begins to bear fruit.

Kevin Allchorne, who has more than 23 years experience at Amlin, has stepped down as global managing director of the firm's reinsurance division.

Windstorms Mike and Niklas, which struck Europe at the end of March this year, have caused an estimated EUR853mn insured loss, according to industry loss aggregator Perils.

Safety Insurance Group expects to recover $49.9mn of US winter storm losses from its reinsurers after the Northeast-focused regional carrier's cat cover was triggered for the first time in its history.

Independent reinsurance broker TigerRisk has grown its annual revenue to more than $70mn as it continues to build out its platform and client base, The Insurance Insider has learned.

Peter Zaffino's elevation to oversee Marsh and Guy Carpenter is being interpreted as an attempt by Marsh & McLennan Companies (MMC) to introduce a more joined-up approach to its risk and insurance services division.

RenaissanceRe and Swiss Re are in line to write more than half of the Florida Hurricane Catastrophe Fund (FHCF)'s $1bn maiden cat reinsurance placement, The Insurance Insider can reveal.