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May 2012/3

  • London-listed insurer Aviva's share price fell 4.7 percent to 267.7p on 17 May, after a tumultuous day in which its proposed strategic review and interim management statement were poorly received by the market.
  • Tawa asset sale heads to formal process; ARC rebrands
  • More than 20 companies have expressed an interest in purchasing a portfolio of run-off Greek motor insurance, highlighting the strong competition for legacy assets that still exists in the London market, according to sources.
  • Solvency II reporting regulations under Pillar III are a low priority, with 84 percent of European insurers still not having implemented a reporting framework and complementary systems, according to a recent study.
  • Eiopa has warned that confidentiality conditions on third-party internal models will not justify an insurer refusing to show that a model fulfils all Solvency II requirements.
  • A US Senator has said yet another short-term extension of the National Flood Insurance Programme (NFIP) looks likely as US lawmakers will not make the 31 May deadline for acting on a long-term bill. 

  • Gabriel Bernardino, head of the European insurance watchdog Eiopa, has added his voice to calls for more regulation of loss adjusters and said the profession is likely to be "further recognised" at EU-level in the near future.
  • Chartis Insurance UK has been ordered to pay out over £4mn including legal fees to a group of UK insurers following a legal battle over property insurance claims from the developers of a waste recycling plant, The Insurance Insider can reveal.
  • Allstate Insurance Company has filed a $30mn insurance fraud lawsuit against 52 New York doctors, attorneys and medical clinics alleging their involvement in a fraud scheme using the state's "no-fault" auto insurance laws.
  • Former American International Group (AIG) chairman and CEO Maurice "Hank" Greenberg lost an appeal to dismiss a state fraud lawsuit against him and former AIG CFO Howard Smith over two suspect reinsurance transactions.
  • Travelers is seeking to raise $150mn from a new issuance of its Longpoint Re cat bond series in its first ever indemnity deal with the capital markets, sister title Trading Risk understands.
  • With non-traditional reinsurers established as a key provider of US cat capacity, buyers have nevertheless been urged to be cautious over the collateralised writers they select as a counterparty.