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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.
  • Summerhayes leaves Suncorp; Perils hikes Mike-Niklas loss; Dual heads east; Towergate's £804mn loss; Weaver for Willis; Diversification credit for Bermuda; Canadian combinations; M&A to Marketform; Collateralised reinsurance; Aspen Re for Lee; IAG appoints deputy chair; Panda Re born; Loss of Liberty; Amlin sparks Formula E judgment; Ross trial delay; Wheeler leads parliamentary group; Lockton for Lockton; Chedid Re registers; Dual Aussie marine hire; UK broker fee increase &am
  • Cooper Gay Swett & Crawford has pulled off the surprise hire of the year by landing Willis group deputy CEO and Willis Global CEO Steve Hearn.
  • Italian investment house Exor has attempted to assuage PartnerRe shareholders' concerns over its $137.50 a share offer for the firm by unveiling a new binding guarantee on all contractual commitments.
  • A rise in interest rates could not happen quickly enough for the (re)insurance industry, according to Lloyd's director of finance John Parry.
  • (Re)insurers have won a significant victory against US rail operator Amtrak in the latest round of their long-running dispute over payments arising from Superstorm Sandy.
  • Axis is poised to consolidate its directors' and officers' (D&O) and professional indemnity (PI) treaties into a single global placement, The Insurance Insider can reveal.
  • Integro has continued on the acquisition trail with a deal to buy private equity sector health benefits consultant Clearview Group on undisclosed terms
  • Talks over a potential deal for Cooper Gay Swett & Crawford to buy a portion of independent reinsurance broker US Re's business have broken down, The Insurance Insider has learned.
  • The easing of downward rating pressure seen at 1 June in the property catastrophe reinsurance market was again in evidence at 1 July, The Insurance Insider understands.
  • Had enough of the propaganda war swirling around the Axis-Partner-Exor tussle? Me too.
  • Suncorp has riled much of the reinsurance market by using the renewal of its A$6.65bn ($5.13bn) catastrophe treaty to coerce carriers into paying a significant claim not covered by its policy terms, The Insurance Insider has learned.