June 2013/4

The Insurance Insider tracks all the notable P&C sector share prices of the last week and compares year-to-date performances

London-listed insurance services firm Randall & Quilter (R&Q) has continued its strategy of piecemeal run-off acquisitions after agreeing two deals in the past week, marking its first captive novation in Bermuda as well as its third Finnish acquisition.

Global broker Aon has revealed that it could be on the line for $150mn and $125mn respectively after being hit by suits from a Tennessee shopping mall and a Lithuanian oil-refining firm.

The International Accounting Standards Board (IASB) outlined proposals to update the accounting standards of insurance contracts in a revised exposure draft issued last week (20 June).

For those who still shudder at the name of Eliot Spitzer and the disruption caused by his campaign against the P&C industry in 2004-05, the recent muscle flexing by New York's new sheriff Ben Lawsky is likely to bring back uncomfortable memories.

Hiscox used its newly launched Bermudian special purpose insurer Kiskadee Re to complete several collateralised reinsurance transactions at the June renewals

Judy Klugman was named the Outstanding Contributor of the Year at the Trading Risk Awards 2013, held at London's Globe Theatre last week.

American International Group (AIG) has included new specialty risks not previously seen on the cat bond market in its $100mn Tradewynd Re cat bond, which will be the firm's first insurance-linked securities transaction with an indemnity trigger.

Assurant's new Ibis Re cat bond became only the second deal of 2013 to price above broker guidance as a quartet of new bonds neared closure last week, sister publication Trading Risk reported.

P&C investment allocations to hedge funds are expected to increase as barriers to accessing the asset class continue to come down

The world's number two reinsurer said today that it would shift $3bn of economic capital into higher-yielding investments and pay down $4bn of debt by 2016

The profitability of European (re)insurers will face headwinds from diminishing reserve releases in 2013 and beyond, according to Moody's.