March 2017/1

Calamos behind Exin; PPL adds marine; Sydney hailstorm losses; Fairfax extends Allied deadline; Avatar to buy Epic; BHSI adds Asia A&H; D&F trio exits Sirius; MS Amlin builds LatAm hub

Catalina's owners are looking to capitalise on the "legacy moment" via a bid process that they hope will allow them to crystallise their gains and secure a $1bn valuation.

Doubts over the future of AIG president and CEO Peter Hancock have stirred debate over who might feature on a shortlist of potential candidates to replace him.

Cobalt's deferral of its targeted Lloyd's inception date beyond 1 April is a clear demonstration of the mounting difficulty of forming any true start-up on Lime Street.

Shariah-compliant insurer Cobalt is set to miss its 1 April projected start date at Lloyd's as it continues work to secure capital support for its proposed syndicate on acceptable terms, The Insurance Insider understands.

The Hartford remains on the acquisition trail as it looks to further expand its specialty insurance operations, The Insurance Insider understands.

The UK government's unexpectedly large reduction in the Ogden discount rate last week has brought into focus Lloyd's concerns about reserving in the motor insurance market.

The cut in the Ogden rate could trigger rate increases of more than 20 percent in wider casualty reinsurance lines, market sources told The Insurance Insider.

The decision of Lord Chancellor and Justice Secretary Liz Truss to push the discount rate to minus 0.75 percent stems from a 1999 House of Lords ruling that predates the dotcom crash, the subsequent bull market and the ensuing credit crisis - and that critics say has little relevance today.

Insurers are hoping for a short stay in negative discount rate purgatory as a consultation with Chancellor of the Exchequer Philip Hammond gets underway.

The impact of the Ogden rate change will be more unevenly distributed through the reinsurance market than many other losses, with some reinsurers having bet heavily on UK motor reinsurance while others eschewed the market entirely.

Never underestimate the ability of even the best-intentioned authorities to mess things up.