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July 2012/4

  • A sharp improvement in the performance of Scor's P&C segment in the first half of 2012, helped the group to deliver operating profits of EUR320mn or more than four times its result in the prior year period.
  • Despite recording a pre-tax loss of £516mn last year, Lloyd's has had its A financial strength rating affirmed by rating agency AM Best with a stable outlook.
  • European (re)insurance stocks began this week with a heavy sell-off as the eye of the Eurozone storm returned to Greece and Spain
  • The landmark scheme of arrangement for Orion Insurance Company and The London and Overseas Insurance Company Ltd will be sent to the Financial Services Authority for consideration by 31 July, according to its administrators PricewaterhouseCoopers (PwC).
  • AM Best has downgraded ACS (New Zealand), formerly Ansvar Insurance Ltd, following the firm's separation from its parent company Ecclesiastical Group, the UK church and charity insurance mutual.
  • The top insurance regulatory authorities in the EU and the US have made details of their talks publicly available for the first time, while industry experts warn there is still a lot of ground to cover on convergence.
  • The Texas Department of Insurance (TDI) has pushed back the date for a number of public hearings on proposed changes to a bill governing the Texas Windstorm Insurance Association (TWIA) amid continuing concerns over the state-run insurer's financing.
  • The fraud case against ex-American International Group (AIG) chairman and CEO Maurice "Hank" Greenberg and former AIG CFO Howard Smith could be heard by New York's highest court.
  • Allied World Assurance Company has sued Hannover Re for $19mn after claiming that it breached two facultative reinsurance agreements, a court filing has shown.
  • A New York judge has rejected bids to terminate a lawsuit between run-off and live services business Tawa and Argonaut Group subsidiary PXRE, which is accused of failing to fully disclose its 9/11 liabilities before being sold to Tawa in 2007.
  • The California Earthquake Authority (CEA) has launched its latest $150mn Embarcadero Re cat bond in the second transaction to come to market during the 2012 North Atlantic hurricane season
  • Demand for industry loss warranties (ILW) has fallen because cedants were able to source ample indemnity capacity at the mid-year renewals.
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