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July 2013/5

  • The Insurance Insider tracks all the notable P&C sector share prices of the last week and compares year-to-date performances
  • There was a sharp drop in the number of federal securities class action lawsuits filed against US companies in the first half of 2013, according to consultancy Cornerstone Research, in a further indication that claims against directors' and officers' (D&O) insurers are moderating.
  • Hedge fund SAC Capital Advisors is now facing criminal charges in relation to insider trading that was allegedly "on a scale without known precedent in the hedge fund industry".
  • Reinsurers active in the US have been given until 16 August to respond to an investigation by New York Superintendent of Financial Services Benjamin Lawsky into their links with Iran
  • The UK's new finance watchdog has spent much of the three months since its launch probing the British retail general insurance industry, but the London market is very much on its radar...
  • New capacity for cat bonds, collateralised reinsurance and industry loss warranties reached $4bn in H1 2013
  • Willis Capital Markets & Advisory (WCMA) predicts there will be $6bn-$7bn of non-life cat bond issuance for 2013, but says the record of $7.1bn set in 2007 could be exceeded if cat bond sponsors accelerate their plans.
  • The ramping up of planned permanent sidecar Mt Logan Re has been a "slow build", Everest Re president Dominic Addesso said on a second quarter earnings call.
  • (Re)insurers XL and Lancashire progressed their fund management platforms last week, with the former unveiling a partnership with Stone Point Capital
  • Shares in European non-life insurers could soon resume their more typical pattern of trading at a discount to life insurers as the financial crisis recedes, according to predictions...
  • Validus has joined Munich Re in expressing dissatisfaction with the structure of the global marine market following the latest major deterioration in the P&I reserve for the Costa Concordia claim
  • US insurance heavyweight buys more cover for less at 1.7, The Insurance Insider can reveal