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

(Reinsurers are increasingly optimistic about the investment environment and are demonstrating a willingness to add risk to their asset portfolios in the search for yield

The passage of legislation to set up a so-called clearing house for Florida Citizens is the "last piece in the process" to help it become a true residual market

The sale of Cathedral by private equity backer Alchemy is not likely to prove as simple as its high quality and availability in a market characterised by scarcity may suggest.

Florida's Citizens Property Insurance Corporation succeeded in completing its upsized $604mn traditional reinsurance placement at a rate on line (RoL) of just 17 percent. We have the details...

PE firm looks set to make its first significant London market investment since Lockton International after fighting off a range of financial bidders in the hotly contested auction for the top-tier Lloyd's business Atrium

Willis, Marsh & McLennan Companies (MMC) and Aon all delivered increased organic growth in brokerage revenues in the first quarter, with the fast-growing Latin America region highlighted by the trio as a key contributing factor

Mid-tier reinsurance broker Towers Watson has quietly been sounding out potential acquirers. Who might be interested and how would it change the reinsurance broking landscape...

Non-life P&C business was a boon for the major European reinsurers in the first quarter as low loss activity led to strong underwriting results

Aspen Insurance Holdings was the most active buyer of its shares during the first quarter

Ironshore has continued strong top-line growth momentum this year after solid 2012 results that included a 17 percent increase in gross written premium (GWP), driven by its international division and improving pricing across the majority of its business.

Bermudian (re)insurers repurchased shares at the fastest pace in two years during the first quarter of 2013, data compiled by The Insurance Insider shows

The cost of insuring against a default by French reinsurer Scor has fallen to the lowest level for almost two years as bond investors become increasingly bullish on the company's prospects.

AIG is easing back its participation in the highly competitive airlines market in response to softening conditions but remains keen to grow its London market presence where it believes it is underweight

Duncan Dale, the former MD of Amlin London, has paired up with turnkey provider Asta to put together a Lloyd's start-up

Third Point Re appoints; Towergate debt; Hiscox grows; AIG upgrade; Markel completes; Moody's goes positive; Texan casualty; Admiral extends; Buffett feasts; $1.75bn spin-off; AmTrust rallies; Cautious capital; Nelson warns; Direct approach; Odyssey Re shines; Liberty Mutual grows; Helvetia upgrade; Sold again?; Nelson hires; Argo lifts; Endurance replaces; M&A boost; Canadian fuel; Gallagher consolidates; Quilter builds

Cobalt - a new Sharia-compliant London MGA - has been launched with backing from XL Group and outsourcing heavyweight Capita.

Long-serving JLT executive Vyvienne Wade has left the organisation following a break-down in her relationship with CEO Dominic Burke

Perhaps the greatest defining characteristic of each generation is that when it reaches a certain age it starts to believe that the generation below has it far too easy.

Global broking powerhouse Aon is hoping to generate $160mn of revenues in 2013 from the services it offers carriers by leveraging its Global Risk Insight Platform (Grip) database, The Insurance Insider understands.

Berkshire Hathaway Specialty Insurance Group is expected to get the first risks on its books as early as the end of this month as it begins a rapid build-out towards becoming a new P&C commercial heavyweight. We track all the latest hires and examine the strategy...