July 2012/5

Major 2012 P&C mergers and acquisitions...

Valuations for (re)insurers in The Insurance Insider's P&C universe

Comprehensive analysis of the sector's share price performance, valuations and M&A data

UK insurance board members are not up to speed with preparations for Solvency II, according to a survey by big four accountancy firm KPMG.

Four years after its US government bailout, American International Group (AIG) still lacks complete and comprehensive regulation by financial authorities, a watchdog report has claimed.

A UK Court of Appeal decision on an asbestos-related legal dispute that spans the UK and US has highlighted the importance of insurers securing their first choice jurisdiction in disputes.

Sinochart, a Chinese ship charterer embroiled in a $178mn subrogation dispute with Norwegian marine insurer Gard, has won the right to bring the Japanese sub-charterer Daiichi Chuo Kisen and Chinese joint venture Ocean Line Holdings into the action.

Liz Frederick, the global head of insurance-linked securities (ILS) at Kane who was recently appointed managing director (MD) of Kane USA, has left the insurance manager.

The AlphaCat sidecars contributed $12.1mn to Validus' second quarter profits while the Bermudian reinsurer took a $5mn quarterly loss from the new PaCRe start-up, according to its strong Q2 results.

Lancashire wrote off $25mn in the second quarter for industry loss warranty (ILW) payouts related to the Costa Concordia disaster as ILW losses also hit its retro sidecar Accordion, the company's results showed.

Two diversifying cat bonds significantly increased during the marketing process, adding $575mn to the insurance-linked securities (ILS) issuance tally for 2012.

Amlin has reclaimed the highest premium to tangible book value in our P&C universe. The (re)insurer's crown slipped last year after the sector's heavy cat losses and the poor performance of its continental acquisition, ACI.