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July 2017/3

  • Insurance-linked securities (ILS) returns have outpaced yields from stocks and investment grade corporate bonds over the past 15 years, according to analysis from Lane Financial
  • Cat bond sponsors took advantage of strong investor demand in the second quarter of 2017 to bulk up on insurance-linked securities (ILS) cover, with the upsizing of transactions adding $1.9bn to quarterly volumes.
  • The 1.5x multiple Axis has agreed to pay to acquire Novae has sparked a market debate around the attractiveness of the deal for both parties.
  • Novae's exit from the public markets will leave Beazley, Lancashire and Hiscox as the only London-listed insurers at Lloyd's, well short of the sector's heyday when a basket of Lloyd's stocks would have included more than 10 firms.
  • Novae finally looks set to exit the public markets after years of speculation, but questions remain over whether the 700-pence-per-share recommended bid from Axis could encourage other would-be acquirers to lodge a counter offer.
  • When Stephen Catlin entered the insurance industry in 1973 after failing to make it to dental school, Lloyd's was rife with "cerebrally challenged" toffs and unscrupulous East End "barrow boys".
  • Ed has launched a new placing exchange that it estimates will cut its own front-end costs per slip by more than 5 percent from as early as next year, with even larger savings likely once the broker integrates the system into its back-office functions.
  • Specialty carrier Assurant has placed a $1.36bn property catastrophe reinsurance programme with a 5 percent year-on-year reduction in premiums to about $125.6mn.
  • Zaffino bonus; Posgate dies; Brokers probed; Willis Re CEO; Zurich hires; IRB Brasil IPO; DfID cat cover; Hurricanes forecast; Aegis' power outage push; Equine MGA.
  • Bernstein analysts have highlighted looming reserving issues in pockets of the European reinsurance sector, drawing attention to a “red flag” at Swiss Re.
  • The UK's Financial Conduct Authority (FCA) has listed a number of concerns about the investment consulting market, as the regulator intensifies its focus on intermediaries.
  • Alibaba-backed Chinese InsurTech start-up Zhong An has struggled to maintain its profit margin despite substantial and sustained top line growth since 2014, according to IPO documents.
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