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March 2012/3

  • European participants in the subscription market are set to be quizzed again on competitiveness as part of a review by the European Commission's Directorate-General Competition (DGC).
  • Travelers is fighting against paying claims related to multiple mortgage frauds that could reach over £50mn, after the actions of a partner at Willmetts Solicitors forced the UK law firm into liquidation.
  • Aspen has agreed to settle with Murriel Don Coal Inc over non-payment of a liability policy in the US that could have cost the (re)insurer over $42mn.
  • AmTrust subsidiary Warrantech is looking to settle out of court after being caught up in a legal inquiry by a multi-state attorney general taskforce on its involvement in an extended auto warranty scandal.
  • The Insurance Council of Australia (ICA) has welcomed the integrated mitigation measures highlighted in the Queensland Floods Commission of Inquiry report on last year's floods.
  • New Zealand insurers must now be licensed by the Reserve Bank of New Zealand, as the regulator looks to increase the capital levels held by the sector following the devastating earthquakes in 2010-11.
  • Mexico is planning to transfer nearly all its federal catastrophe risk to the capital markets after pioneering the first sovereign parametric cat bond in 2006.
  • It is unlikely that there will be a drastic change to the way the Solvency II regime treats sovereign debt as "risk-free" under its standard formula capital model, says Gabriel Bernardino, chairman of the European Insurance and Occupational Pensions Authority (Eiopa).
  • Solvency II could cause firms to relocate headquarters within Europe, according to Fitch. The agency's comments closely followed Hannover Re's announcement of a change in its legal structure that would allow it to redomicile.
  • Mitsui Sumitomo and Allianz are seeking a combined $290mn of cat bond capacity for protection against Japanese typhoon and Caribbean wind perils.
  • The future of Bermudian ILS start-up Dunamis is in question after funds failed to materialise to support deals pledged by the firm during the 1 January renewals.
  • Trading in unique Japanese industry loss warranties (ILWs) is increasing as reinsurers look to gain retrocession protection in advance of the 1 April renewals, sister title Trading Risk has revealed.
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