March 2014/4

A US court has fined Illinois-headquartered State Farm Fire and Casualty $758,000 and ordered it to pay $2.9mn in legal fees after it was found to have defrauded the taxpayer-funded National Flood Insurance Program (NFIP).

The UK Financial Conduct Authority (FCA) has fined London-headquartered Besso Ltd £315,000 ($526,000) for failing to put in place adequate anti-bribery checks, making it the first dedicated wholesale intermediary to be hit with such a penalty.

RenaissanceRe chief executive Kevin O'Donnell has said his organisation is agnostic over different forms and sources of capital and that the reinsurance industry should learn to evaluate the sale of reinsurance and the provision of debt or equity finance alongside one another.

Canopius' impending takeover by Japanese "big three" insurer NKSJ will give the Lloyd's carrier added financial firepower and opportunities to tap new markets, according to its chief executive Michael Watson.

The Florida Cat Fund's decision not to proceed with plans buy up to $1.5bn of cover is adding to fears of a very competitive 1.6 Florida renewal for the $4bn+ market

The Insurance Insider takes a look at some of the specific 1.4 renewals keeping reinsurers awake including the major Japanese accounts, together with Aviva and Zurich

Corporates are often unable to control the risk of their top staff failing, opening insurers up to the risk of "vengeance" payouts to shareholders, according to the chairman of risk consultancy firm Reputability.

Steve Hearn, the new chairman of the London Market Group and deputy CEO of Willis Group, is expected to tell the group's forum tomorrow (25 March) that it should evolve to become a key body for determining the future vision of the London market by embracing new roles including lobbying and improving public perceptions of the industry

BP Marsh declares; Profits up; Shareholder suits; Affirmed; Global claims; Blue Capital price; Wong move; Talbot profits; Canopius booms; Willis in Myanmar; Munich Re buyback; Lloyd's to Lloyds; Middleton passes away; JLT Bermuda merger; Charles Taylor grows; AJ Gallagher acquires; Swiss Re pay cut; CEO motoring; Annuity shake-up

Japanese mutual Zenkyoren looks set to secure an additional 325bn yen ($3.2bn) of limit at the top of its vast cat treaty, with premium spend either flat or only modestly higher

UK regulator the FCA's decision to fine Besso is, on the facts presented, alarming because it would appear the regulator's definition of "third party" is being stretched yet further...

Initial indications that the 1 April catastrophe renewals would provide some respite for reinsurers have proven misleading as firm order terms hit the market with heavy rate reductions.