January 2016/4

Share price data on The Insurance Insider's universe of P&C (re)insurers

The Insider 30 ended the week in negative territory as shares in the sector trailed behind a recovery in global indices during another volatile week of trading.

The ongoing legal dispute between select Lloyd's insurers and the London Mayor's Office for Policing and Crime reached the Supreme Court on Thursday (21 January), where five judges considered whether insurers can recover consequential losses under the Riot (Damages) Act 1886.

More than 50 insurers have brought a $4bn case against a number of companies accused of providing financing and assistance to the mastermind of the 9/11 attacks.

Chubb unit Federal Insurance Company has been taken to court by a client after it refused to pay a $480,000 loss on a cyber insurance policy.

Weakness in the oil price over the past month has driven equity prices down across all sectors, with The Insider 30 companies broadly in line with the declines in benchmark indices

The latest quarterly report from Travelers shows that US P&C commercial pricing is now close to flat, with market behaviour described as "remarkably stable and rational", according to the insurer's CEO Alan Schnitzer.

As the US P&C reporting season gathers pace this week, analysts will likely focus as much on the outlook for (re)insurers in the coming year as on dissecting 2015 results. Normal 0

National General has agreed a deal to buy California-based P&C underwriter Century-National for a consideration expected to total $315mn.

The terrorist attacks on Paris last year have fundamentally changed how insurers operate in the contingency and terrorism space, according to Robertson Taylor CEO John Silcock.

Price Forbes-Highbridge completes; Gard appoints chief claims officer; Securities class actions up; AM Best maintains Zurich ratings; Laing made Aon Benfield Fac CEO

The top 10 ILS funds have grown their assets under management (AuM) to $44bn - up by 4 percent from six months earlier and 7 percent from January 2015, according to the latest Trading Risk investor survey.

XL managed to trim 50 basis points (bps) off the targeted insurance-linked premium on its new $300mn Galileo Re cat bond, sister publication Trading Risk reported last week.

Florida Citizens has warned that if a surge in water loss claims continues unchecked non-wind rates for most of its policyholders will continue to increase in line with the 10 percent annual limits imposed by the state’s “glide path” law.

Aspen's purchase of AgriLogic Insurance Services comes less than two years after it described US crop insurance business as "troubled, low margin, recently volatile and exposed to major risks".

Aspen has lost the last of its cyber underwriters in London weeks after the head of the team departed, The Insurance Insider understands.

Lloyd’s is close to unveiling plans to refresh its new entrant framework after initiating a market-wide review in the face of criticism.

Aspen has continued its raids on Liberty International Underwriters (LIU) as it builds out its insurance platform in the US and internationally.

Endurance has continued to build out its London international insurance platform with a raid on the aviation ranks of Hiscox and Amlin and the appointment of a casualty head from CV Starr, The Insurance Insider can reveal.

Cooper Gay has shelved plans to sell its German marine business after exclusive talks with Aon broke down, The Insurance Insider can reveal.

Canadian pension fund Ontario Teachers' Pension Plan is finding the sale process for its troubled Lloyd's business ANV an uphill battle, The Insurance Insider can reveal.

Market participants should never underestimate the importance of fashion in our industry.

The next three weeks will go a long way towards clarifying the long-term viability of global conglomerate insurers American International Group (AIG) and Zurich, as management at both firms struggle to control growing negative sentiment.