March 2013/3

Run-off specialist Ruxley Ventures has said that alleged fraud and high error rates in asbestos claims will not impact insurers' overall exposure to asbestos, pollution and health liabilities.

Run-off buyer Catalina has entered into an agreement to reinsure $29.1mn of liabilities belonging to RenaissanceRe through a loss portfolio transfer.

Randall & Quilter (R&Q) has proposed a five pence per ordinary share return of value to investors as shares in the London-listed carrier continue their strong 2013 run.

Hank Greenberg, the former CEO of American International Group (AIG), has asked for another $32.5bn in his suit against the US government, claiming that the state used AIG's cash for "covert, inequitable backdoor bailouts" of third-party companies.

US insurer National Surety has no right to be reimbursed after paying to defend drugs company Immunex for claims that were not covered under its insurance policy, the Washington Supreme Court ruled on 7 March.

Lloyd's is to assess the impact of loss scenarios on its exposure to the growing cyber risk market.

The former finance director and active underwriter of troubled motor syndicate Equity 218 have been temporarily barred from Lloyd's and fined £145,000 each in relation to the syndicate's reserve release calculations.

Florida Citizens Property Insurance has brought its second Everglades Re cat bond to market and hopes to raise $250mn of cover at a significantly lower price than the 2012 deal, according to sources.

Japanese industry loss warranty (ILW) pricing has fallen by about 25 percent since last year ahead of the 1 April renewal season, sister publication Trading Risk has reported.

Releases from Munich Re's reserves are expected to continue to provide a solid earnings boost, leading analysts to increase earnings forecasts for the giant reinsurer.

The (re)insurance industry's excess capital position tends to dominate conversations on the rating environment in the sector.

The Lloyd's and London market (re)insurance sector reported strong profitability in 2012, but the group is still significantly dependent on prior-year reserve releases and investment gains.