May 2013/2

Dutch financial services group ING has announced it will step up the pace to prepare for an IPO of its European insurance arm in mid-2014.

The reinsurance arm of the $11.6bn hedge fund Third Point has chosen three investment banks to work on its IPO on the New York Stock Exchange later this year, according to reports last week.

The cargo underwriter at Skuld's Syndicate 1897, Guy Landymore, is expected to move to Newline Syndicate in the near future, The Insurance Insider understands.

London-listed Quindell Portfolio saw its share price climb almost 20 percent today (13 May) after being forced to defend itself following a near halving in its stock last week.

Caribbean insurance group Sagicor Financial has confirmed that it is in "the final stage of a sales process" for its Lloyd's-focused Sagicor Europe subsidiary and remains confident that it will be completed in the second quarter.

Sunshine Re; Q Re confirms hires; R&Q completes; Branch off; Catlin lifts; SEC investigates...; Generali up; CNA hire; ASI grows; Argo appoints

Louisiana Citizens Property Insurance is planning to lift its traditional reinsurance cover by about $60mn after buying its new $140mn Pelican Re cat bond, The Insurance Insider understands.  

American International Group (AIG) will have to achieve price increases on its commercial insurance book in order to meet return on equity (RoE) targets while at the same time fighting to protect market share from Berkshire Hathaway Specialty Insurance (BHSI), according to Langen McAlenney's Ryan Byrnes.

Paul Karon, the former CEO and chief operating officer at Benfield, has taken on a new role as vice chairman at the start-up reinsurer AQR Re as it expands into Bermuda.

Set-piece conferences may lack the adrenaline rush and excitement of our everyday job of gathering and publishing exclusive news, but they force us to impose structure and logical order on recent events and put them into context and perspective.

With firm order terms (FoTs) expected in the market for the bulk of Florida property cat renewals over the next 10 days, early indications are that reinsurers face double-digit rate falls on a risk-adjusted basis.