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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
  • Modelling firm Eqecat has stuck by its estimate that the 13 June aftershocks could result in losses of $3bn-$5bn, despite the figures being rubbished by the country's leaders
  • Investors punished the trio of top Australian insurers last week, depressing share prices after QBE and IAG released details of rising catastrophe losses.
  • An equities analyst has warned that traditional catastrophe reinsurance is "no longer viable" because of the structure of the industry and the inability of models to predict likely events.
  • The dispute between New Zealand's Earthquake Commission (EQC) and domestic insurer Tower over the residential damage bill from the second Christchurch earthquake in February turns on when the Commission's insurance cover reinstates.
  • Institutional ownership of property and catastrophe (P&C) (re)insurer stock changed little during the first quarter of 2011, with investors still characterised as value orientated, low-turnover buyers, according to research by UBS analyst Brian Meredith.
  • Global reinsurance capital levels dropped by $30bn in the first quarter 2011 to $440bn, according to Aon Benfield Analytics.
  • Provided it can sidestep any obstacles from shareholders, the transaction to create TransAllied will be another boon for the Swiss reinsurance market
  • US investment banking advisory firm Evercore Partners paid £86mn for its recent acquisition of UK adviser The Lexicon Partnership.
  • UK motor insurers booked underwriting losses of £2bn in 2010 on an overall net combined ratio of 120 percent, according to figures compiled by Deloitte.
  • Natural catastrophe underwriters have diverted capital into the aviation market to diversify their portfolios, which is likely to keep up pricing pressure in the market, according to an Airline Insight report from broker Willis.
  • Insurers for Deepwater Horizon owner Transocean have filed legal complaints seeking declarations that Macondo well owners BP, Anadarko and Moex are not "additional insureds" under its policies.
  • Total insured exposure from political risk claims in Libya could amount to between $200mn to $300mn, according to global insurer Ace
  • BMS lures Guy Carp exec for US push; JLT gets life in Basel; Generali Group MD elected CEA president; European premium growth in good health; Japan insurers stable; Zurich goes to Brazil; State Auto Q2 storm losses; Canopius bolsters global property team; Eurotunnel dispute withdrawn; QBE's aviation head takes off; Zurich in $115mn Malaysian move; Liberty Mutual rating boost; SII to change asset management; Gallagher acquires Floridian P&C outfit; Sciemus engineers stake in data provider; K
  • The management of Equity Syndicate Management Ltd (ESML) Syndicate 218 received a hostile reception from Names and other capital providers at its London AGM today (20 June).
  • When Omega's board convened in Bermuda last week one item on the agenda was the relative merit of competing takeover proposals.
  • Let's begin today with a rhetorical question: since when did the global (re)insurance industry become the patron saint of employment lawyers?
  • Aon's dispute with US specialty broker Alliant became increasingly acrimonious last week as the defections continued from its West Coast construction business.