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June 2011/4

  • Reported loss estimates from the severe storms in the US during April and May are now approaching the $7bn mark as primary insurers continue to count the cost of a destructive start to Q2
  • Troubled Irish insurer Quinn Insurance Ltd (QIL) increased its 2009 net loss by EUR200mn to EUR905mn as part of its restructuring before an agreed portfolio transfer with Liberty Mutual, the company revealed last week.
  • Global insurer Zurich Financial Services Group was keen on finding a heavyweight buyer for its UK legacy business, The Insurance Insider understands.
  • The failure of a major US P&C insurer would not pose a systemic risk to the financial system or the wider economy, according to a report commissioned by the Property and Casualty Insurers Association of America (PCI).
  • A proposed reform of major residual market the Texas Windstorm Insurance Association (TWIA) has cleared its first hurdle after the state house approved a bill that will apply tougher controls to policyholders seeking financial redress in the courts.
  • The long-term financial solvency of the National Flood Insurance Program (NFIP) will remain in doubt unless it is able to address the numerous issues currently impeding its performance, the US Government Accountability Office (GAO) warned last week.
  • The European Commission may delay implementation of Solvency II regulations for another year, according to reports from the Financial Times.
  • The European Insurance and Reinsurance Federation (CEA) elected Sergio Balbinot to serve as president at its general assembly in Athens last week.
  • UK (re)insurers have been given a first taste of next year's regulatory regime after the Bank of England (BoE) published a report on insurance supervision.
  • Start-up collateralised reinsurer Catco says it has deployed $700mn of retro reinsurance capacity in the market since it began operations last December, giving a clue to the size of its private investment funds for the first time.
  • Argo Re has gained $100mn of multi-peril retro protection from the capital markets after closing its first cat bond Loma Re on target.
  • S&P placed American Family Mutual Insurance's $100mn tornado cat bond Mariah Re 2010-1 on creditwatch due to fears that the storm that struck Joplin could add $300mn to the bond's aggregate loss tally