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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.
  • The quoted London market (re)insurers grew their gross written premiums (GWP) by an average of 8 percent during 2012, taking the total to around $15bn, data compiled by The Insurance Insider shows.
  • The pre-tax profits of the quoted London market (re)insurers improved in 2012, driven by lower catastrophes but also by improved technical underwriting returns.
  • Executives of a number of smaller Lloyd's businesses have privately expressed their dismay and indignation about the deal Berkshire Hathaway has struck to write across Aon's retail book.
  • Berkshire Hathaway's mammoth Lloyd's co-insurance deal with Aon is the most visible demonstration yet of reinsurance supremo Ajit Jain's significant strategy change from being an in-and-out opportunistic capital provider for distressed buyers to a consistent through-the-cycle counterparty.
  • Darren Stockman, the long-serving underwriter at Advent's Syndicate 780, is to step down later this year as the Fairfax-owned business continues to restructure following the recent retirement of its founder and legendary Lloyd's underwriter Brian Caudle.
  • Towers Watson has gathered further evidence of a hardening directors' and officers' (D&O) insurance market in North America, with price rises most significant in the private/not-for-profit segment.
  • The fast-growing independent broking group RK Harrison (RKH) reported a 28 percent increase in pre-tax profit to £15.8mn for the year ended 30 June 2012, as the acquisition of high net worth UK broker Mercury West Associates was bedded in.
  • The low yield investment environment and the possibility of increased inflation in the future are making it difficult for the (re)insurance sector to achieve its cost of capital.
  • Leading UK medical defence organisation the Medical Defence Union (MDU) will no longer provide its members with a commercial insurance policy after deciding to end its existing contract with Scor, our sister title Inside FAC revealed last week.
  • Simon Fascione looks set to re-enter the market at Bermudian fund manager Aeolus after his surprise resignation from Lancashire, it is understood.
  • The Qatar Financial Centre Authority (QFCA) called for final offers for Qatarlyst ahead of a board meeting this week to decide the electronic placement platform's future, The Insurance Insider has learned.
  • Tower moves offshore; Torus and backers consider options; AmTrust expands Italian med-mal; Swiss Re seeks Francis; ASI mulls sale; Aviva ratings on review; Hurst-Bannister adds XCS role; Hiscox bonuses tripled; Interim SII measures opposed; Esurance dispute goes to arbitration; BP can access Transocean's cover; No Spitzer disclosure for Marsh; AIG $11mn regulation bill; Cat bonds for depops?; Norris gets set for Netsett
  • Lloyd's chairman John Nelson has said that "as a matter of principle" he is not opposed to Solvency II.
  • An Australian cyclone is Munich Re's second-largest catastrophe exposure after a US hurricane, according to its 2012 annual report.
  • Dane Douetil's private equity backers Anacap and Bermudian heavyweight Axis are now the final bidders in the sales process to acquire Sagicor at Lloyd's, The Insurance Insider understands.
  • Near-legendary reinsurance broker Ron Carlier is set to return to the market as CEO of Cooper Gay Re, The Insurance Insider can reveal.
  • The Old Testament saying that there is nothing new under the sun could have easily been invented with the subscription market in mind.
  • The catastrophe treaty purchased by Japanese mutual insurer Zenkyoren has priced flat for its 1 April renewal as upward pricing momentum from its 2011/12 total loss was counterbalanced by the surfeit of reinsurance capacity, The Insurance Insider can reveal.