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March 2013/4

  • Weekly share price movements and key data on The Insurance Insider's universe of P&C (re)insurers and brokers
  • R&Q Reinsurance Company maintains it is not liable to pay $3.9mn to Sentry Insurance for asbestos-related and fire losses on two facultative reinsurance contracts.
  • Tawa's subsidiary Hamburger Internationale Rück (HIR) has agreed to acquire the run-off reinsurance portfolio of Niedersachsen, the small Hannover-based captive of travel giant TUI.
  • Tawa's share price took a hit after the run-off acquirer and (re)insurance services provider reported a $22.5mn full-year loss.
  • (Re)insurers that were hit by claims from the 9/11 attacks asked the US Second Circuit Court of Appeals last week (20 March) to reopen a case that accuses Saudi Arabia of supporting the Al-Qaeda terrorists responsible.
  • Insurers that write environmental damage cover can only obtain compensation from alleged polluters if policyholders have lodged claims against those firms, the largest US appeals court ruled last week.
  • A respected member of the European Parliament has placed the blame for the delay and uncertainty in Solvency II implementation squarely on France and Germany.
  • The International Association of Insurance Supervisors (IAIS) confirmed last week that it no longer supports a levy on the entire balance sheet of "too big to fail" (re)insurers.
  • Montpelier Re will not invest any more of its own capital during the latest fundraising round for its Blue Capital Global Reinsurance Fund, Blue Capital Management CEO and president William Pollett has confirmed.
  • US insurer Nationwide Mutual has returned to the cat bond market while the North Carolina wind pools more than doubled the size of their hurricane cat bond on the back of high investor demand and low pricing, sister publication Trading Risk understands.
  • The big four continental reinsurers continued to grow their top line in 2012, with gross written premiums (GWP) up by an average of 8 percent, according to data compiled by The Insurance Insider.
  • The Lloyd's market is expected to report pre-tax profits of circa £2.8bn in its pro-forma 2012 accounts, which are due to be published later this week, according to estimates from The Insurance Insider.