January 2015/3

Hiscox said that assets under management in its Kiskadee funds management division had grown to more than $400mn at 1 January, up from $110mn at the start of 2014.

Data from Lane Financial showed that the average insurance-linked securities (ILS) spread is now 2.36 percent above a 2.24 percent expected loss - the thinnest margin since the company began tracking records in 2002. 

CatCo recorded 14 percent growth in net asset value (NAV) last year for its London-listed fund, even after reserving for a small US storm loss.

Cat bond sponsors may push for broader coverage in 2015 as insurance-linked securities (ILS) broker-dealers said that they expected ILS market volumes to continue expanding.

Capsicum Re is poised to enter the facultative reinsurance market with the hire of GC Fac's London head Malcolm Payton, sister title Inside FAC revealed last week.

Willis is suing one of its former executive directors for £1.25mn for allegedly receiving "secret commissions".

Global broking group Willis has announced that it has restructured into four operating segments from its original three.

Rating agency AM Best has revised its outlook for QBE from negative to stable and affirmed its financial strength rating of A.

The Swiss National Bank (SNB)'s surprise decision to abandon the peg tying the country's currency to the euro triggered a sharp drop in the share prices of Zurich and Swiss Re on 15 January.

Aon Benfield has hired Linley Ah-Chung, one of the most senior marine and energy brokers at Willis Re, The Insurance Insider can reveal.

Private equity-owned insurance broker Cooper Gay has begun a cost-cutting programme that will make a number of senior staff redundant as it looks to reverse a drop in profitability, The Insurance Insider has learned.

Hyperion and RK Harrison are looking to strike a final agreement on their proposed deal by mid-February, The Insurance Insider understands.