May 2013/1

A US judge has barred a $2mn counter-claim made by American International Group (AIG), citing a "lack of diligence" on the insurer's part in asserting that a US university misrepresented its losses

Lloyd's underwriters and Markel subsidiary Markel Essex have joined a $53mn suit claiming they are not obliged to pay construction firm Weitz for damage to a "luxury" retirement home in Florida

A US court's decision earlier this year on the dispute between BP and Transocean could "radically" re-allot liabilities in a "significant number" of energy policy contracts, Lloyd's said at the beginning of the month

Andrew Bailey, the CEO of the UK's Prudential Regulation Authority (PRA), has described the history of Solvency II as "shocking" and argued that the impending regulatory regime "makes no allowance for value for money"

R&Q's proposed redomicile demonstrates that it is regulation - rather than tax - that is likely to dissuade companies from being based in the UK

Lancashire reduced its net Sandy loss to just $28.9mn after agreeing a settlement on an industry loss warranty (ILW) cover that was close to being triggered by Superstorm Sandy

The island's (re)insurers increased their top line by an average 8 percent in the first quarter of 2013, but there were notable differences between the different underwriters

First-time cat bond sponsor American Coastal Insurance Company is seeking to raise $183mn+ from its new Armor Re deal

Berkshire Hathaway's imminent entrance to the E&S market may derail the nascent hardening of US commercial insurance prices, according to Richard Kerr, CEO of MarketScout.

Ace Ltd has revealed that it will use its debut $95mn sidecar Altair to develop a formal track record and investor relationships in the collateralised space, with a view to upsizing the vehicle should more attractive underwriting opportunities arise

The launch of Berkshire Hathaway Specialty Insurance Group (BHSI) is being considered a ringing endorsement of a $31bn+ US excess and surplus lines (E&S) sector, although this is tempered by fears of new pricing competition

RenaissanceRe has decided not to renew its Timicuan Re Florida sidecar this year, in a further sign that the industry is steeling itself for a tough 1 June renewal in the crucial $3.5bn+ market