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July 2015/1

  • Share price data on The Insurance Insider's universe of P&C (re)insurers
  • P&C (re)insurance stocks managed to outperform the wider stock market in June despite The Insider 30 trading up by just 0.24 percent.
  • The $28.3bn acquisition of historic US carrier Chubb by comparative newcomer Ace could spark a $500mn asbestos legacy sale, The Insurance Insider understands.
  • Sector practitioners have welcomed the publication earlier this month of the latest set of Solvency II implementing technical standards (ITS) by the European Insurance and Occupational Pensions Authority (Eiopa).
  • Managing agents have received new guidance from the Lloyd's Market Association (LMA) on how to prepare for the proposed UK Senior Insurance Managers Regime (SIMR).
  • The UK Financial Reporting Council (FRC) has launched an investigation into a number of RSA employees after the carrier was forced to inject EUR200mn to prop up its Irish business in 2013.
  • Beazley is suing rival Ace in a bid to force the carrier to pay for a portion of a $26.5mn settlement reached after the botched Facebook IPO in 2012.
  • Former AJ Gallagher (AJG) international CEO David Ross, who recently defected to rival broker Towergate, is to appoint a mediator in an increasingly bitter dispute with his former employer.
  • The turmoil witnessed in Greece and the wider Eurozone over the past week has prompted a flurry of coverage in the economic press examining the international markets' reactions.
  • The average share price for the Insider 30 universe of P&C (re)insurers climbed 0.74 percent in the second quarter, outperforming the S&P 500, FTSE 100 and Stoxx Euro 600 indices.
  • Ace's $28.5bn landmark acquisition of Chubb is set to create a dominant franchise in the P&C industry, in a deal primarily driven by growth opportunities.
  • Despite analyst support for the Ace-Chubb deal's strategic rationale, the 29 percent upfront dilution to Ace's tangible book value leaves open the question of whether the earnings accretion is sufficient to support the surge in the carrier's valuation on a price-to-book multiple.
  • Reinsurers are bracing themselves for a two-fold blow from the proposed Ace-Chubb deal, with the impact of treaty consolidation expected to be compounded by Chubb adopting a more aggressive approach to buying.
  • One of the key merger benefits touted by Willis and Towers Watson is the significant growth potential for the professional services firm's healthcare exchange business in the US middle market.
  • The agreed merger with Towers Watson is being seen as a much-needed fillip for Willis Re after the departure of a number of senior figures in recent months.
  • The proposed merger of Towers Watson and Willis has raised questions over the professional services firm's alliance agreement with JLT and the ability of either broker's reinsurance arm to leverage its analytical tools.
  • Described by sources close to Willis as "one of the best kept secrets in the insurance business", the "merger of equals" with Towers Watson left some observers struggling to decipher the rationale behind the $18bn deal.
  • RSA hires Egan; Dual hires Watson; Colombian growth; Flood Re kicks off retro tender; Taxing growth; NZ's EQC rethink; Oklahoma frack fight; Libertad Peru; Moody's reviews CGSC; Unshockable M&A; BP Marsh picks Plum investment; Colosso exits Howden
  • London-listed insurer Lancashire and Munich Re's Lloyd's platform Watkins are among the carriers most reliant on the distressed energy market for premium income, analysis from The Insurance Insider shows.
  • Major UK personal lines insurer Direct Line secured a risk-adjusted rate reduction of around 10 percent as the speed of softening in the UK market decelerated significantly, The Insurance Insider understands.
  • Validus CEO Ed Noonan has excoriated the PartnerRe board for the way that it has conducted itself through its agreed sale to Axis and the subsequent struggle with hostile acquirer Exor.
  • Most downstream insurers have entered the second half of the year with around 75 percent of the year's expected business placed but income levels off-target, according to JLT Specialty.
  • The rapid downward pricing trajectory seen in the upstream energy market in recent quarters has started to show signs of subsiding, according to the latest energy report from JLT Specialty.
  • New York-listed insurer Navigators has continued its push for international expansion by hiring the political violence and terrorism team of Munich Re's Lloyd's arm Watkins, The Insurance Insider can reveal.
  • Bermudian insurer Axis has decided to restructure its professional lines reinsurance protection to create a major new global quota share, The Insurance Insider can reveal.
  • Although broker mid-year renewal reports provided further evidence of a "soft market slowdown" in peak zone cat business, the broader reinsurance picture remained one of intense competition.
  • One of our biggest gripes in the insurance sector is that it is very hard to differentiate our offering in the marketplace. We moan that we are all tarred with the same (almost universally negative) brush.
  • Aon has rolled out a major new US and international terrorism facility that further erodes the premium pot of a fast-shrinking open market, The Insurance Insider understands.
  • Evan Greenberg has bet company, reputation and five years of shareholder value on the biggest ever M&A deal and integration exercise in P&C insurance.