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July 2013/4

  • The Insurance Insider tracks all the notable P&C sector share prices of the last week and compares year-to-date performances as of the week ending 22 July 2013
  • Mediation between London-headquartered law firm Freshfields and London Underground has broken down over one of the largest professional negligence claims on record, according to sources.
  • A South Korean woman has sued Asiana Airlines for $5mn, claiming that she and her son suffered extreme bodily and mental injuries after one of the firm's planes crash-landed in San Francisco on 6 July.
  • World Trade Center developer Larry Silverstein will not be able to recover billions of dollars from airlines in relation to the 9/11 attacks because he has already received compensation from insurers, a US federal judge ruled last week.
  • The European Insurance and Operational Pensions Authority (Eiopa) has warned national regulators to stick to a "consistent interpretation" of rules on internal capital models in advance of the much-delayed implementation of Solvency II.
  • Non-US (re)insurers were relieved by the recent news that the US Treasury has delayed the implementation of the Foreign Account Tax Compliance Act (Fatca).
  • American Insurance Association (AIA) CEO Leigh Ann Pusey is "not optimistic" that the Terrorism Risk Insurance Act (TRIA) will be extended before 1 January 2014, adding some uncertainty to the 1 January reinsurance renewal period.
  • There are some clubs where there is little obvious benefit to being a member, and the insurance industry's recently unveiled "too big to fail" club is possibly one of them.
  • Blackstone Alternative Asset Management (BAAM) has launched a new alternatives-focused mutual fund and has selected leading insurance-linked securities (ILS) fund manager Nephila to act as one of the investment houses that will manage capital for the strategy.
  • Axis Capital has become the latest Bermudian reinsurer to debut on the cat bond market with its new $150mn Northshore Re offering, sister publication Trading Risk has reported.
  • Choppy investment markets, pressure on rates and attritional cat losses are expected to feature as London's reporting season begins this week...
  • Fierce competition, surplus capacity and the recent profitability of the market mean that aviation insurance rates will remain unchanged despite the $100mn+ loss of the Asiana Airlines passenger plane earlier this month.
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