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June 2013/2

  • The Insurance Insider tracks all the notable P&C sector share prices of the last week and compares year-to-date performances
  • Willis is facing yet another class action suit stemming from its involvement with the disgraced financier Allen Stanford.
  • The US Second Court of Appeals has ruled that Chubb subsidiary Federal Insurance Company is not obliged to pay out on an excess layer of directors' and officers' (D&O) cover purchased by Commodore International Ltd because the underlying layers had not been paid.
  • Toronto-based insurance holding company Fairfax has asked a US appeals court to revive an $8bn defamation suit against SAC Capital and four other hedge funds, marking the latest move of a longstanding dispute between the firms.
  • US authorities have published a rule that means that all US insurers, large and small, can be liquidated on the recommendation of the newly created Federal Insurance Office (FIO).
  • The vast potential of the undeveloped Chinese insurance market is being held back by the lack of a state cat-funding scheme that would enable insurers to provide more effective property cover.
  • Last week the New York Assembly passed a wave of bills that granted more rights to policyholders, including one that banned anti-concurrent clauses and let consumers sue for unfair claims practices.
  • Eyebrows were raised in the City last week as London market grandee Nick Prettejohn took on a role at the Prudential Regulation Authority (PRA) and surrendered only one of his two insurance directorships. If L&G is a conflict of interest, what about Brit Insurance?
  • Greater use of group supervision and group solvency modelling by regulators would not have spotted the crisis at AIG before its near collapse in 2008, according to one of its former executives.
  • Steven Cohen's hedge fund SAC Capital could face investor withdrawals of up to $3.5bn, or more than half the $6.75bn third-party capital it manages, according to recent reports.
  • Gen Re chairman and CEO Tad Montross said insurance linked securities (ILS) investors should question the idea that the asset class provides non-correlating returns, speaking at a Standard & Poor's insurance conference in New York last week.
  • Deutsche Bank is set to enter the insurance-linked securities (ILS) management sphere with a $100mn fund that will be led by managing director Michael Amor