January 2014/4

JLT Towers Re has won the sizable New South Wales Treasury Managed Fund reinsurance account after winning the Queensland Government Insurance Fund in 2013, sister publication Inside FAC revealed last week.

Over £8mn has so far been paid to investors mis-sold advice about the disgraced fund manager Arch Cru by independent financial advisers (IFAs), the Financial Conduct Authority (FCA) said today (27 January)

Broker stocks came under selling pressure last week, with all the major intermediaries seeing a drop in their share prices

In what was a widespread theme last week, European (re)insurance stocks also suffered in the challenged equity markets

There was a mixed performance among the listed Lloyd's carriers last week, as half of our universe underperformed the benchmark FTSE 100 index

It was a turbulent five days for US-listed P&C (re)insurance stocks last week as the majority lost ground, shadowing falls in the wider stock markets as investors became uneasy over prospects for emerging market economies

A group of US homeowners who were allegedly subjected to inflated force-placed insurance premiums have objected to a $291mn class action settlement proposed by JP Morgan Chase and specialty insurer Assurant

Two more US court cases involving American International Group insurers in dispute over facultative reinsurance of asbestos claims have surfaced in the last month, sister publication Inside FAC reported

The average payout awarded in US class action settlements is getting higher but fewer are being agreed, according to consulting firm Nera

The Solicitors Regulation Authority (SRA) has proposed new guidelines that would require its members to purchase professional indemnity (PI) cover from a carrier with a financial strength rating of at least B or higher

London-listed insurance-linked securities fund DCG Iris reported a total return of 2.2 percent in the six months to 30 November 2013, as the fund's manager said that it had boosted results by shifting into private reinsurance deals and reducing its cat bond holdings

US regional carrier The Cincinnati Insurance Companies has significantly increased the size of its Skyline Re cat bond cover to $100mn from $61.2mn last year