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.

Credit Suisse Asset Management's Niklaus Hilti said that rates on the insurance-linked securities (ILS) market moving into "quite stable ground" provides a good indication of the reinsurance market's likely direction.

Richard Brindle will not look to establish a platform to underwrite on behalf of third-party capital until market conditions improve, the entrepreneur told The Insurance Insider, as start-up Fidelis started writing on its own balance sheet.

A report by research, risk and asset management company Conning has found that US managing general agent (MGA)-sourced premium exceeded $33bn in 2014.

Few joins Amlin; Hiscox appoints Worth; Hannebert quits CCR; New Zealand floods; Markel appoints; Endeavour team joins Ropner; Allstate cat losses; Axis bid doubtful; IGI UK hires Curtis as CFO; Willis cyber reboot; Besso dual promotion; Creasy joins Charles Taylor; R&Q modest loss; RenRe the largest FHCF reinsurer; Political risk capacity $2.4bn; Tech threat: Duperreault; Beale defends broker model; Rowan's return; Bill causes death; Channel hires; ‘Controlled softening' due:

Berkshire Hathaway's approach to accessing premiums in the reinsurance and global specialty insurance space has changed meaningfully over the last few years

Panama-domiciled reinsurer Barents Re is looking to establish a European risk carrier with up to $200mn of start-up capital, The Insurance Insider understands.

The ousting of long-time Cooper Gay Swett & Crawford CEO Toby Esser leaves Lightyear Capital with essentially the same dilemma that it has faced for the last year

Private equity house Cinven has hired Evercore to handle the divestiture of its closed UK life insurer Guardian Financial Services, The Insurance Insider has learned.

Less than a year after leaving Aspen, where he was CEO of reinsurance, James Few is set to resurface as global managing director of Amlin's reinsurance division.

Back in January 2008, when the global financial crisis was still a containable blow-up at a few overleveraged hedge funds and an esoteric accounting debate about AIG's super senior credit CDS portfolio, the world was stunned by a five-year 20 percent quota share of Swiss Re by Berkshire Hathaway.

Integro is working with Evercore as it looks to recapitalise and provide exits for a number of its founding investors, The Insurance Insider can reveal.