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June 2014/4

  • A look-up table for The Insurance Insider's universe of P&C (re)insurers
  • Shares in the London-listed Lloyd's (re)insurers fell nearly 2 percent last week, underperforming compared to their US, Bermudian and European rivals, and lagging behind both the S&P 500 and the FTSE 100 share indexes, which rose 1.3 percent and 0.6 percent respectively.
  • Industry bodies including the Risk Management Society (Rims) and the American Insurance Association (AIA), as well as broker Aon, have supported the introduction of legislation to renew the Terrorism Risk Insurance Act (Tria) to the House of Representatives.
  • Lloyd's last week opened consultation on proposed minimum standards of conduct for managing agents, which are a central plank of the UK financial regulator's drive to make sure the insurance market treats its customers fairly.
  • Consumer complaints received by UK regulator the Financial Conduct Authority (FCA) relating to insurance contracts fell by 75 percent in 2013-14 from the previous period, according to a report from law firm Pinsent Masons.
  • Nephila Capital co-founders Frank Majors and Greg Hagood, along with long-time colleague Barney Schauble, were named the Outstanding Contributors of the Year at the 2014 Trading Risk Awards in London last week (19 June).
  • A spike in interest rates would likely make the ILS sector more appealing to investors in the short term, Goldman Sachs' global head of structured finance Michael Millette said at the inaugural Insurance Insider and Trading Risk London Executive Briefing last week.
  • The choice on whether to deploy third-party capital or capital from a reinsurer's own balance sheet relies principally on the concentration of risk, said Aditya Dutt, head of RenaissanceRe Ventures, at last week's inaugural Trading Risk London executive briefing.
  • Credit rating agency Moody's has lowered its outlook on the reinsurance sector from stable to negative, citing falling prices amid intense competition, steady encroachment from alternative capital providers, and persistently low interest rates.
  • Overseas or "offshore" reinsurance participation in the US insurance market continued on an upward trajectory in 2013, according to data compiled by the Reinsurance Association of America (RAA).
  • Singapore's prominence as an international (re)insurance hub continued to grow in 2013, as the city state attracted more reinsurers keen to tap into the fast-growing Asia Pacific market.
  • Ironshore's proposed IPO is set to give its founding investors and others that have since put money into the company a long-awaited opportunity to achieve liquidity on their holdings.