May 2011/1

National Indemnity Company (NICO)'s reinsurance deal last month to assume $3.5bn of American International Group (AIG) liabilities in advance of its planned IPO was also further demonstration of Warren Buffett's enduring appetite for asbestos risk.

A potentially pivotal ruling in a Rhode Island court has approved a commutation plan for a solvent insurer to extinguish its liabilities without going into insolvency, in a ruling that could have significant implications for commercial (re)insurers with a run-off portfolio in the States.

Defunct Bermudian retro player PXRE - now owned by UK-listed run-off acquirer Tawa - has received approval from the Connecticut Insurance Department to withdraw $22,800,000 in the form of a cash dividend to its immediate parent WT Holdings, Inc.

After Randall & Quilter (R&Q)'s shares climbed 19 percent on the London Stock Exchange in the first four months of 2011 its year-end results largely validated investors' enthusiasm.

Goldman Sachs' private equity arm has agreed to invest up to $291.6mn for a 19.9 percent stake in leading Bermudian run-off player Enstar, becoming the group's largest single shareholder in the process.

The Financial Services Authority (FSA)'s Solvency II contingent has quadrupled in size in the last year as the regulator tries to keep pace with the EU's schedule.

UK insurers don't hear too much about "proportionality" from their regulator these days but there was a welcome echo last month when the Financial Services Authority (FSA) said it would impose a two-tier approach to Solvency II.

International insurance groups continue to oppose recent Brazilian government legislation that restricts global reinsurers' ability to write business from the country.

The simmering tensions between some brokers and insurers risked spilling into open hostilities during April as arguments again erupted over broker remuneration.

Warren Buffett's Berkshire Hathaway may sue former executive David Sokol to recover any damages suffered by his acrimonious departure in March.

Liberty Mutual is blocking a proposed settlement between American International Group (AIG) and other insurers related to alleged under-reporting of AIG workers' compensation premiums.

It has been a steady start to the second quarter for cat bond sales, with three repeat offers coming to market.