July 2014/3
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Weekly share price data on The Insurance Insider's universe of P&C (re)insurers
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It was another tough five days for P&C (re)insurance stocks last week, as The Insider 30 index of share prices retracted by 0.9 percent overall.
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The International Association of Insurance Supervisors (IAIS) has launched a public consultation on its proposed basic capital requirements for global systemically important insurers (G-SIIs), despite reservations from the insurance industry.
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The US Senate last week (17 July) passed legislation to extend the Terrorism Risk Insurance Act (Tria) by seven years, in a move that has been widely welcomed by the P&C insurance industry.
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A number of Tower Group shareholders are suing the firm, its departed CEO Michael Lee and several of its directors and officers for allegedly neglecting their fiduciary duty to investors.
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The government of Gibraltar has received confirmation that the UK Treasury will sanction Part VII asset transfers to (re)insurers based on the Rock.
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Allstate halved the top traditional layers of its nationwide catastrophe reinsurance programme for 2014 after placing the $750mn Sanders Re cat bond this year, according to recent disclosures from the insurer.
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Four of the top 10 specialist insurance-linked securities (ILS) managers kept their assets under management (AuM) stable in the first half of 2014, but the group of leading capital providers still added $2bn to its circa $38bn combined asset base.
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Despite coming under pressure from various headwinds, London-listed carriers still look set to deliver a fairly solid performance for the first half of 2014 given the moderate catastrophe losses so far this year, but profits overall will likely be down.
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RLI was yet another beneficiary of the buyers' reinsurance market during the second quarter, as the US specialty insurer was able to obtain significant cost savings on its reinsurance spend.
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Platinum kicked off the Q2 reporting season last week, with news of continued top-line shrinkage as the Bermudian reinsurer pursued "profitability over market share" amid softening conditions.
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Rates have fallen by up to 30 percent in the international construction and P&C insurance markets due to overcapacity, benign losses and cheaper reinsurance over the first half of the year, according to Willis.
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Downstream energy underwriters could face a $60mn-$240mn loss after a fire and explosion at a petrochemical plant operated by Thai refiner IRPC, sister title Inside FAC reported last week.
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Berkshire Hathaway has continued to show a strong appetite for assuming long-tail US liabilities with the giant Liberty Mutual adverse development cover announced last week (17 July).
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Fast-growing Florida-based homeowners' insurer Federated National is set to launch a new P&C carrier in the state in a joint venture with Canadian bank CA Bancorp and reinsurer Transatlantic Re.
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(Re)insurance executives Joe King, Enda McDonnell and Adrian Ryan have completed their 100 percent buyout of Florida and Texas insurer Cypress Insurance Group (CIG) for $63mn.
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Simon Smith, Skuld's executive vice president for group business development, has resigned from the Norway-based marine insurance group, The Insurance Insider can reveal.
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Operating profits at independent broker Price Forbes soared by 88 percent to £9.01mn ($15.4mn) in calendar year 2013.
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Head of liability David Jones and senior underwriter Helen Beamish have left AmTrust at Lloyd's for the nascent Lloyd's underwriter Acappella, The Insurance Insider revealed last week.
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The aviation war market is waiting anxiously on the conclusion of a week of fighting at Tripoli Airport in Libya, which has placed $440mn of limit in danger.
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The rapid and long-term softening that has plagued the aviation all-risk market finally looks set to come to an end in the wake of the MH17 disaster, market sources predict.
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The Insurance Contracts bill, a reform of UK commercial insurance contract law, was last week (17 July) introduced into parliament following eight years of consultation between the Law Commission, businesses and insurers.
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Interest rates are unlikely to return to pre-crisis levels in the near future, and forecasting is a fool's game, according to former UK chancellor Lord Norman Lamont.
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Liberty ratings upgrade; AJ Gallagher acquires; International rates plunge; Catlin downgraded; Sequel hire; Anointed; Gibraltar approved; KBW sours on Scor; Arthur a non-event; Cat 3 Rammasun hits China;
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Conflicting views have surfaced from the analyst community in the run up to two crucial shareholder votes relating to Endurance's takeover bid for Aspen. Normal 0 false false
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Some markets are just made to be volatile.
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Mutual insurer Aegis leads the primary layer of a general liability policy that is set to pay a record-breaking A$379mn ($355mn) loss relating to deadly bushfires that resulted in 119 deaths in 2009, The Insurance Insider can reveal.
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