March 2016/5

Share price data on The Insurance Insider's universe of P&C (re)insurers

Universal suffered the biggest share price fall among The Insider 30 last week after enjoying a price rally the week before, with the carrier down 8.6 percent to $17.32 per share on Thursday (24 March).

The UK High Court has forced Starr and Travelers to honour a combined £17.6mn ($25mn) energy claim, after allegations the insured failed to disclose vital information were thrown out.

The Bermuda Monetary Authority (BMA) is set to name and shame firms that are subject to enforcement actions in the wake of regulatory scrutiny.

Insurers fighting an increasingly bitter $100mn trial with a Greek ship owner accused of scuttling his own ship have alleged that their lawyers' computers were hacked.

Bermuda's (re)insurance industry is now officially compliant with the European Union's Solvency II regulatory regime.

The UK's Insurance Act will mark a victory against the "draconian" laws surrounding the breach of warranties rule, according to 7KBW barrister Harry Wright.

The European Insurance and Occupational Pensions Authority (Eiopa) is working on a framework designed to help insurers manage the risks presented by today's low interest rate environment.

The publicly traded Florida homeowners' sector looks attractive again for potential investors after a significant sell-off in recent months, according to Janney Capital analysts.

Business interruption (BI) losses in the energy sector often outpace property claims, with the typical payout amounting to two or three times the cost of repairing underlying damage, a new report from Marsh has warned.

The sustained and perilously low global price for oil could lead to an increase in energy losses as suppliers cut back on health and safety spending, a new report from Marsh has warned.

The Insurance Insider's class-by-class breakdown of Lloyd's 2015 annual results

Lloyd's profits plummeted by 29.6 percent year-on-year in 2015 from £3.01bn to £2.12bn, as reduced investment returns compressed the Corporation's bottom line alongside a weaker underwriting performance.

The Lloyd's market produced a 8.95 percent return on capacity for the closed 2013 year of account (YoA), a drop of 3.4 percentage points on the return booked the previous year.

(Re)insurers must reinvent their terrorism policies to accommodate the changing nature of the threat if they are to continue to serve their clients' needs, according to international specialty broker JLT.

Questions are likely to be asked about aviation security following the hijacking of EgyptAir flight MS181 earlier today (29 March).

AIG Europe profits nudge up; Watford launches specialty insurance platform; Vibe hires duo; Victoria bushfire losses; Marketform concludes review; Trust Re grows; R&Q acquires Rank Insurance; Perils discloses Mike-Niklas estimate; Cyber rate rises decelerate; GCC flood risk; Fire hits UAE residential blocks; Berkshire backs Unicorn MGA; Insurers focused on cost: PwC ; Man-made quakes added to risk maps; Japanese cat bond prices; Markel Catco raises $10.9mn.

The aviation reinsurance broker merry-go-round continued this week with two senior figures at Aon Benfield jumping ship to rival firms and a former head of aviation retiring at JLT Re.

Swett & Crawford chief Tom Ruggieri will depart the broker after its acquisition by BB&T, Inside E&S revealed last week.

The excess and surplus (E&S) sector will continue to find new growth opportunities by innovating to embrace risks, according to Gil Hine, president of the National Association of Professional Surplus Lines Offices (Napslo).

Worldwide Facilities has taken a financial lines team from BB&T's wholesale arm just two weeks after settling a poaching dispute with the US group's latest acquisition Swett & Crawford, Inside E&S revealed.

Private equity giant The Carlyle Group has signalled its intent for further M&A in the US broking and managing general agency (MGA) space after closing a deal to buy the assets of Wholesale Trading Co-Op Insurance Services (WTC).

Bob McAuley has resigned as managing director at RT Specialty, Inside E&S revealed last week.

RT Specialty has agreed a deal to buy New York-based wholesaler Hartan Brokerage on undisclosed terms.

Cooper Gay will attempt to transition from a London wholesale broker with a regional retail footprint to a global wholesale distribution group represented in all major regional hubs.

Lloyd's executive Sean McGovern's total remuneration increased by more than 57 percent in 2015, with his take-home pay packet going over the £1mn mark.

Lloyd's capacity sources diversified further in 2015 as the Corporation took in more from Japan and Europe.

Willis Towers Watson is marketing a panel-style fine art and specie facility for the London market a year after its 32-strong sector-leading team defected to JLT, The Insurance Insider can reveal.

The industry taskforce established to bring insurance-linked securities (ILS) business to the UK will focus on creating a vehicle structured similarly to Richard Brindle's Fidelis venture, as it seeks to establish London as an ILS hub.

Run-off carrier Catalina has struck a deal to acquire Allianz's UK employers' liability (EL) book holding £185mn ($266mn) of gross liabilities.

The Japanese catastrophe renewals at 1 April will show a continued slowing of downward rating momentum, The Insurance Insider understands.

Exor intends to take a "generational" approach to its PartnerRe investment, The Insurance Insider has learned.

Another day, another broker facility. This time, it's Willis's Project Crest...

Mexican state-owned energy company Pemex has officially notified the market that its expected losses from a fire in April last year have risen from $670mn-$780mn to more than the $1.3bn of cover in place, The Insurance Insider can reveal.