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July 2014/4

  • Weekly share price data on The Insurance Insider's universe of P&C (re)insurers
  • With the Q2 reporting season well underway, some of the largest P&C stock movements last week were naturally performance driven.
  • 26Broking giant Aon Ltd has revealed that it is being sued for $340mn for alleged intentional misrepresentation and concealment when placing a policy for defence manufacturer Northrop Grumman.
  • (Re)insurers headquartered in the Netherlands could be impacted by a cap on bonuses and severance pay from as early as 1 January 2015.
  • A former Marsh claims manager has filed a suit accusing the global broker of breaching the District of Columbia Human Rights Act after she was allegedly subjected to bullying.
  • The Internal Revenue Service (IRS) is appealing against the Columbia District Court's decision to order a full refund of tax paid by Validus Re on retrocession cover.23
  • Travelers must pay over $500mn to victims of asbestos-related diseases after losing a US federal appeals court hearing to consider a settlement first approved by a judge in 2004.
  • If further evidence was required of it being a buyers' reinsurance market, US insurance heavyweight Travelers last week disclosed that it had achieved lower rates-on-line for both its general catastrophe treaty and Northeast-only programme at the 1 July renewals.
  • The reaction of the stock market to some of the first batch of reporting companies in the US and Bermuda P&C industry has led one industry analyst to lower his expectations for the sector.
  • Higher than expected US weather losses from cat and non-cat events have been a key factor behind some of the larger P&C carriers missing Wall Street earnings forecasts.
  • With further evidence of a slowdown in US commercial insurance rate rises in Q2, management of early reporting carriers have sought to show rate movements in a broader context following multiple quarters of compounding price increases.
  • Lancashire expects to have an additional $160mn of limit to deploy through its Kinesis sidecar in the 1 January 2015 renewals compared to the amount it had in January 2014, the firm said after its Q2 results were released last week.
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