June 2014/1

A look-up table for The Insurance Insider's universe of P&C (re)insurers

London-listed carrier Lancashire recovered by 6.21 percent last week, after its share price fell to a three-year low of 611p on 23 May Normal 0 false false

The cost of fraudulent insurance claims in the UK reached a record high of £1.3bn last year, up 18 percent from 2012, according to figures published last week (30 May) by the Association of British Insurers (ABI).

Legislative proposals aimed at accelerating the development of a private flood insurance market in the US have been welcomed by the Reinsurance Association of America (RAA).

The US Senate committee on banking, housing and urban affairs will meet for a crucial hearing on 3 June to discuss a bill that would reauthorise the Terrorism Risk Insurance Act (Tria).

A Supreme Court judge has ordered that a long-running fraud suit filed against former American International Group (AIG) CEO Maurice "Hank" Greenberg "must be tried" as he rejected Greenberg's attempt to dismiss the action.

A key hearing in a whistle-blower dispute between the former chief operating officer and general counsel for Maiden Holdings and the Bermudian reinsurer's management has been delayed, The Insurance Insider understands.

German insurance powerhouse Allianz is in the early stages of restructuring its global legacy assets to bring them under the control of its holding company in a 100 percent reinsurance arrangement, The Insurance Insider understands.

The profitability of the Lloyd's market looks to have fallen in the first quarter, based on a sample of four companies that report results for their syndicates.

With opportunities to deploy capital becoming constrained by current market conditions, (re)insurers turned to capital repatriation in Q1 2014 in an effort to maintain shareholder value and reduce excess capital positions.

Despite another benign period for catastrophe losses, underwriting performance actually deteriorated across our universe of listed P&C (re)insurers during the first quarter of 2014 as other headwinds grew stronger.

With the Q1 2014 results season complete, The Insurance Insider's Data Room highlights the key takeaways from the reporting period

Reinsurers could be liable for the majority of claims stemming from damage to Taiwan-backed companies during the recent anti-China riots in Vietnam, according to reports.

The (re)insurers of the Costa Concordia are awaiting loss advice showing a further deterioration on a total claims burden that already stands at more than $1.6bn, after the removal of the wreck was once again delayed.

QBE Europe international liability portfolio manager Tim Butcher has resigned from the organisation, The Insurance Insider can reveal.

ISS Proxy Advisory Services raised "significant concerns" over Endurance chairman and CEO John Charman's executive remuneration in a report before the 21 May shareholders' meeting that voted against executive pay packages at the Bermudian.

Swiss-based specialty property and engineering insurer Infrassure is in the advanced stages of a sales process that could see the privately owned firm lose its independence before the end of the year, The Insurance Insider can reveal.

A shadow has once again been cast over the future of Sunshine State Insurance Company (SSIC) after United Insurance Holdings (UIH) pulled out of a deal to buy the Florida homeowners' insurer from reinsurance broker US Re last week.

The rapidly evolving reinsurance market means that further Bermuda consolidation is inevitable, with potential buyers in a stronger position than sellers, according to Nomura analyst Cliff Gallant.

Hamilton Insurance Group CEO Brian Duperreault has opted not to pursue a bid for in-play Bermudian carrier Aspen, The Insurance Insider can reveal.

Leading cat underwriter RenaissanceRe has stopped actively pursuing the placement of its major $275mn Floridian retrocession deal, The Insurance Insider understands.

Fierce competition has spread to the US property proportional reinsurance market, with incumbent quota share writers facing increased appetite from other traditional players and ceding commissions being pushed up, The Insurance Insider has learned.

Shares in AmTrust fell steeply on 2 June after Barron's, the respected magazine for private investors, subjected the US insurer's accounting practices and capital reserves to fresh scrutiny.

Endurance CEO John Charman has issued a call to arms to Aspen's shareholders, urging them to force the company's board to come to the table to discuss its second offer to acquire the firm.