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January 2017/5

  • Share price data on The Insurance Insider's universe of P&C (re)insurers
  • The Insurance Insider's index of 50 companies in the P&C (re)insurance industry went up by 1.4 percent last week to 1,040.3.
  • Rising frequency and severity in auto claims prompted US giant Travelers to raise rates and more increases are in the pipeline, in a trend evident across car insurance in the P&C industry.
  • After sustained rate decreases last year, Wells Fargo has predicted that 2017 will again be a buyers' market in the US.
  • Pemex and its insurers have settled a claim relating to an April 2015 platform fire for $650mn, bringing the loss in just below the reserve currently held by the market, The Insurance Insider can reveal.
  • Insurance buyers should look to multi-year property cat deals to take advantage of the ongoing soft market, according to broker Marsh.
  • Auto liability continues to be the most challenging risk to place in the US primary and excess casualty markets, according to broker Marsh.
  • Validus' acquisition of Crop Risk Services (CRS) from Archer Daniels Midland for $127.5mn has garnered broadly positive reactions from equity analysts.
  • MS Amlin is the lead insurer on the primary layer for a $400mn marine cargo claim by Canadian commodity hedge fund Vermillion stemming from a lost oil shipment, The Insurance Insider understands.
  • QBE dismisses takeover rumours; McKee named Cathedral CEO; Beazley ups US property capabilities; Towergate gets £40mn injection; Omers commits $1bn to Allied World; Aon's McGill to receive $22.5mn; Generali replaces CFO; Perils raises Italian quakes loss; Axis London cyber hires; China Taiping profit warning; Aegis London marine MGA deal; JLT US construction stake; Beale details Brexit plans; Endurance-Sompo deal approved; Axis hires Hussey; Ergo Singapore outlook negative; Ryan Specialty buys tra
  • The cost to US employers of serious but non-fatal workplace injuries fell by 3.2 percent year-on-year to $59.87bn in 2014, Liberty Mutual reported in its 2017 Workplace Safety Index.
  • Forest fires in Chile have destroyed 1,000 buildings in the town of Santa Olga, one of several communities reduced to ashes as wildfires spread across the country.
  • The insurance-linked securities (ILS) market should expand its assets under management (AuM) at a similar pace in 2017 to last year, but increased use of leverage could provide more capacity even if growth slows, according to Willis Capital Markets & Advisory (WCMA).
  • Detail on RenaissanceRe's new $140mn Fibonacci Re vehicle that emerged recently suggests a structure that is a hybrid cat bond/sidecar facility, sister publication Trading Risk reported last week.
  • A broker at AJ Gallagher (AJG) is suing rival Alliant for more than $1mn after he was left "embarrassed" by language used in one of its broker agreements.
  • AIG and an executive in its public management liability division, which insures against allegations of sexual harassment being brought against a company, have been forced to face the very risk they underwrite.
  • US specialty carrier ProSight is accusing one of its programme managers of stealing what could be more than $3.5mn after failing to hand over premiums it had taken on the insurer's behalf.
  • Lemonade is a closely watched company. As one of the first and most prominent InsurTech start-ups, its performance has been subject to a high level of scrutiny as the industry tries to determine if its world is about to be turned upside down.
  • P&C InsurTech start-up Lemonade has published a series of blog posts as a way of reporting its performance since launching in September.
  • A tie-up between Generali and Intesa Sanpaolo may be plagued by potential antitrust and regulatory issues, but a takeover is financially achievable and makes strategic sense for the Italian lender, according to analysts.
  • Aspen is likely to come under pressure from analysts on its earnings call next week (8 February) as they look for further detail on the underwriting performance of the company's insurance division following yesterday's profits warning.
  • The aviation insurance market is starting to firm, according to JLT, with rates hardening, line sizes reducing and underwriters taking a more disciplined view of risk.
  • The head of Ireland's insurance industry association said that if Lloyd's chose Dublin as the location of its EU subsidiary it would be "transformational" for the domestic industry.
  • The Central Bank of Ireland's insurance regulator has said she is in active discussions with most of the larger UK-based insurers about establishing subsidiaries in Ireland to retain EU access after Brexit.
  • We will flick down at least three more cities in the game of Lloyd's Europe Guess Who this week. Perhaps four.
  • The Corporation of Lloyd's will finalise its Brexit plans later this week, with a decision on the location of the proposed subsidiary due imminently, The Insurance Insider understands.
  • Even insurance journalists have to undergo disaster planning.
  • The downstream energy market faces a major loss following a fire at the Takreer Ruwais refinery in Abu Dhabi, The Insurance Insider can reveal.