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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
  • P&C insurance carriers have given positive forward guidance on rate increases in the third quarter to date in response to fears about the possibility of cresting US commercial pricing
  • Confused by the different approaches and messages on investment losses during the Q2 reporting season? Do not fear - The Insurance Insider provides a simple two-page comparison of the different approaches taken by (re)insurers on both sides of the Atlantic
  • After a quiet start to 2013, reported catastrophe losses for the second quarter have now topped $3.2bn as the Q2 reporting season continues apace, according to The Insurance Insider's Data Room
  • Hiscox plc is happy to strike portfolio underwriting deals with Willis, as it has done with Marsh and Aon, if it is satisfied that it can retain sufficient underwriting control and secure adequate returns.
  • Bermudian reinsurer Validus is pondering non-cat underwriting opportunities for third-party investors as it continues to build out its asset management business, CEO Ed Noonan told The Insurance Insider.
  • Property catastrophe specialist RenaissanceRe will begin writing US specialty treaty reinsurance through a new Connecticut-based agency, RenaissanceRe Underwriting Managers.
  • Chief operating officer John O'Connor and a five-person property and casualty treaty team in London are among the casualties of new Endurance CEO John Charman's radical restructuring of the business.
  • US specialty insurer AmTrust has finally gained entry to the Lloyd's market after agreeing to acquire Sagicor Europe for £56mn.
  • Lloyd's insurer Canopius is looking to convert dedicated motor Syndicate 260 into a fully aligned vehicle for the 2014 year of account.
  • After years of being coerced into developing internal Solvency II models, UK-based (re)insurers may also have capital floors imposed upon them by the new UK regulator decided that the risk-based approaches taken by Solvency I and Solvency II were vulnerable to being gamed
  • Glass half-empty types seized upon a rates survey last week as firm evidence that the recent sustained rise in US P&C commercial pricing was coming to an end.
  • Ever since the $1.4bn marriage between Aon and Benfield in 2008, one of co-CEO Dominic Christian's roles has been to keep the peace between the potential butting egos among the firm's London-based producers.
  • UK motor falls; Jubilee appoints CUO; Allianz affirmed; $5.3bn Euro floods; Tokio Marine affirmed; RenRe expands
  • Barbican CEO David Reeves and active underwriter of Syndicate 1955 Mark Harrington are set to delegate aspects of their day-to-day roles to other members of staff as part of a restructure, The Insurance Insider can reveal.
  • On the eve of its half-year results, AJ Gallagher is in exclusive talks to acquire the UK broker Giles for more than $300mn after trumping rival bidder Towergate. If successful, it will be the largest acquisition in the US broker's 80+ year history
  • It is a universal truth in all professions that as long as money is being made, very little about the business model is questioned. But with red ink sprayed through the recent results of marine reinsurers, the P&I clubs are under pressure...
  • The financial markets have been in a largely unforgiving mood as the second quarter earnings season hits full stride, with investors responding to signs of waning rate momentum in US primary non-life markets with characteristic jumpiness.