June 2016/4

Shares in Federated National slid by 9.3 percent last week after the Florida homeowners' insurer announced last week (21 June) that its CFO had resigned with immediate effect.

The assignment of benefits (AOB) crisis that impacted negotiations at the 1 June Florida reinsurance renewal has helped drive 6.8 percent rate increases at state-backed carrier Citizens for 2017.

Charges brought against Aon for withheld commissions on a Romanian compulsory insurance scheme have been dropped.

Sirius appears to be laying the foundations for further expansion with the conversion of its Bermuda branch to a separately capitalised operating subsidiary.

The legal ramifications of the UK's vote last week (23 June) to leave the European Union (EU) are likely to severely impact insurers, as companies face a legislative quagmire and loss of access to the single market.

The economic fallout of the "Brexit vote" on 23 June is likely to result in a 10 percent decline to European carriers' solvency ratios and a sizeable impact on investment portfolios.

Rating agencies have agreed the impact of a UK exit from the European Union (EU) will be limited for European insurers, despite the credit implications for the broader economy.

The California Earthquake Authority (CEA) managed to expand its traditional reinsurance programme by more than $400mn to $4.51bn in the January and April renewals for less premium than it paid in 2015.

Don't misprice risk just because everyone else is doing it

Cooper Gay is looking set to make 70 of its 400 London-based staff redundant and is close to spinning off its Latin American operations, as new CEO Steve Hearn continues to implement radical changes to turn around the broking outfit.