June 2015/4

IAG expects to reduce its open market reinsurance spend by 20 percent to accommodate its new strategic partnership with Berkshire Hathaway, according to CFO Nick Hawkins

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

P&C (re)insurance share prices were almost flat last week as our Insider 30 index nudged up by just 0.17 percent.

A Senate Banking Committee investigation into allegations that some Superstorm Sandy claims were handled fraudulently has found no evidence of "systematic incentives" for insurers to underpay flood victims.

The current regulatory regime in London is making the city "less competitive today than it ever has been" said Kean Driscoll, CEO of Validus Re, last week.

The FBI is prosecuting a former QBE executive over allegations that he embezzled around $2.6mn from the Australian insurer.

Trust Risk Group, AmTrust's former Italian medical malpractice broker, is suing the insurance giant for EUR1.2bn ($1.4bn) in a Milan court after a $500mn distribution agreement went sour.

Berkshire Hathaway's National Indemnity Company (Nico) reported a 404.7 percent spike in net written premium (NWP) during 2014, according to the Reinsurance Association of America (RAA)'s reinsurance underwriting review.

European insurance companies will continue to take advantage of low interest rates and high investor demand by issuing debt in 2016, according to a report from AM Best.

Exor has described the assumptions underpinning the combined Axis/PartnerRe business plan as "unrealistic".

Italian carrier Generali and Florida takeout insurer Heritage Insurance were two of the winners at the Trading Risk 2015 awards held in London last week.

A trio of collateralised reinsurance writers took a $156mn share of the $1bn Florida Hurricane Catastrophe Fund (FHCF) placement.