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July 2011/4

  • Second quarter results from US insurers are showing the pressure of tornado claims as a trio of firms reported in July.
  • New Zealand's Earthquake Commission failed to renew one of its multi-year reinsurance contracts at the July renewals and had to source the cover on an annual basis, according to local press.
  • Offshore haven Jersey will not implement Solvency II when the new regime is launched at the start of 2013.
  • Rivalry has intensified between competing Transatlantic Re bidders today (26 July), with Allied World describing Validus' offer as "desperate", "financially driven" and "opportunistic".
  • Lloyd's underwriter Hardy will cease writing high net worth insurance from 2012, just three underwriting years after it set up a team to target clients with large personal wealth, The Insurance Insider has learned.
  • The winding up of the liabilities of insolvent UK insurer Highlands Insurance Company (HUK) will enter its final stage next month, as reinsurance cedants will have the chance to vote on a proposed scheme of arrangement.
  • Tokio Marine Europe Insurance Limited (TME) has filed a motion in a New York court aimed at protecting a scheme of arrangement agreed with its UK creditors.
  • Financial watchdogs the Financial Stability Board (FSB) and the Basel Committee on Banking Supervision are asking for input on their proposals on how to supervise systemically important financial institutions.
  • Regulatory actions against financial firms have begun to decline from the zenith of the post-financial crisis litigation frenzy, according to a report by analytics firm Advisen.
  • The International Association of Insurance Supervisors (IAIS) is seeking comments on its proposals for a new supervision framework that will set out how regulators should oversee international insurance firms.
  • The Financial Services Authority (FSA) will not need to turn to the new Bribery Act to enforce anti-corruption measures, as the almost £7mn fine it imposed on broker Willis last week showed.
  • The number of commercial cases launched in the UK High Court in 2010 fell by nearly a third year-on-year, but this is likely to mask a high number of out of court disputes, according to City law firm Reynolds Porter Chamberlain (RPC).