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June 2015/5

  • Share price data on The Insurance Insider's universe of P&C (re)insurers
  • The Insider 30 index made a modest 0.58 percent gain last week, underperforming the FTSE 100 and Euro Stoxx 600, but beating the S&P 500.
  • Senator Ron Wyden last week (25 June) introduced a bill designed to close a "tax loophole" used by some US hedge fund reinsurers.
  • The US Federal Emergency Management Agency (Fema) will continue to review claims from Superstorm Sandy until 15 September this year, the organisation said last week (25 June).
  • The UK insurance sector must be vigilant and ensure that Solvency II implementation is not "overzealous" compared to other EU member states, according to chief risk officer and general counsel at Lloyd's Sean McGovern.
  • Stone Point's significant buy-in to Alliant Insurance Services, announced on 23 June, has again illustrated private equity's enduring interest in US broking.
  • Aspen Re has recruited Deutsche Bank executive James Lee to work in its $185mn capital markets unit, sister title Trading Risk reported last week.
  • State-owned carrier China Re is poised to launch the first Chinese earthquake catastrophe bond, Panda Re, which is targeting $50mn in cover, sister title Trading Risk revealed last week.
  • Retro market leader Catco Investment Management, which was recently placed up for sale, could fetch around $300mn, according to analysis by sister publication Trading Risk.
  • Most buyers saw rate decreases for both terrorism insurance and reinsurance in 2014, as well as improvements in coverage, Marsh said last week.
  • PartnerRe chairman Jean-Paul Montupet has stressed that a vote against the carrier's prospective tie-up with Axis Capital should not be taken as a positive sign for rival bidder Exor.
  • UK trade body the Managing General Agents' Association (MGAA) has sounded a note of caution over the rising amount of private equity interest in its membership.