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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.