June 2015/3

Share price data on The Insurance Insider's universe of P&C (re)insurers

P&C (re)insurance stocks outperformed the wider stock market last week, as our Insider 30 index traded up by 0.88 percent.

The Bank of England (BoE)'s Prudential Policy Directorate has set out penalties for firms that fail to meet the Solvency II capital standards.

US body the Financial Stability Oversight Council (FSOC) last week released further guidance on the designation of systemically important financial institutions (Sifis).

Broking giant Aon is suing the former CEO and chairman of its Bolivian operation for $20mn after he allegedly "destroyed" its retail business in the country by stealing funds and misstating accounts.

Former AJ Gallagher (AJG) international CEO David Ross, who recently defected to rival broker Towergate, put his own staff under surveillance when he was at the firm, court documents revealed.

Tokio Marine's $7.5bn all-cash deal to acquire US specialty carrier HCC will further diversify the Japanese insurance giant's revenue and profit stream, easing the pressure on domestic business.

Unipol expanded the size of its debut cat bond, Azzurro Re, by EUR50mn to reach EUR200mn, sister publication Trading Risk reported last week.

American International Group (AIG) opted for parametric instead of indemnity cover in its latest $300mn Compass Re II cat bond transaction because it believes these triggers will broaden the insurance-linked securities (ILS) market's appeal, the company's head of capital markets Samir Shah told sister publication Trading Risk.

The California Earthquake Authority (CEA) placed 50 percent more reinsurance limit at the January renewals, according to documents presented at a board meeting in late May.

The UK government's Crowded Places programme, which offers companies the chance to apply for a loss mitigation credit (LMC) on their Pool Re rates, begins from today (15 June).

The development of more effective models will lead to an increase in the amount of reinsurance capacity in the cyber market, according to Kevin Kalinich, global practice leader for cyber and network risk at Aon Risk Services.

Helios completes acquisition; Fairfax shareholder meeting; Bach opus at Navigators; Farmers $80mn loss; Philadelphia acquires; CEO for QFC; Hardy loses Daws; RoEs in new norm; Novae reshuffles; Aegis London promotes; Ekstrom joins StartPoint; McConachie resigns; Standard Club syndicate targets Asia; AmTrust prices bonds; Mathias joins Fidelis; Ironshore hires Whitehead; CFC boosts K&R; Assurant exits health

Marsh & McLennan Companies last week hosted its Young Professionals' Global Forum in London.

Neil Mayes, CEO of UK facultative at Aon Benfield Fac, has become the latest executive to follow Paul Summers over to rival Guy Carpenter.

Russell Williams has been appointed executive director and head of specialty at RK Harrison's Bermuda division, The Insurance Insider can reveal.

Paul Lewis has quit his role as co-leader of Howden's construction division to take up a position at Alesco Risk Management Services, The Insurance Insider understands.

James Rowan, head of non-marine underwriting at Marketform, is set to leave the Lloyd's managing agency after almost 17 years, The Insurance Insider has learned.

Lloyd's broker RFIB will add a managing general agency (MGA) component to its business following its acquisition by San Francisco-based private equity firm Calera Capital, CEO Jonathan Turnbull told The Insurance Insider.

Richard Brindle's $1.5bn start-up carrier Fidelis will launch with an emphasis on reinsurance rather than specialty insurance, largely owing to his negative view on primary pricing.

Tokio Millennium Re wrote a EUR366mn ($479.5mn) loss portfolio transfer deal in July last year, as 2014 profits halved to $71.3mn.

Ariel Re CEO Tom Hulst is set to step down at the end of the month, just under a year after the firm's sale to BTG Pactual was announced, The Insurance Insider can reveal.

Reinsurance losses from the storms that hit the Australian state of New South Wales in mid April have been limited, The Insurance Insider understands.

When an underwriter with one of the best historical track records in our industry speaks, we should take note. And when that underwriter has a reputation as a formidable leader in a specific class we should take even greater care to write down and analyse what he or she has to say.