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May 2013/3

  • Chinese carriers are taking significant participations on large US and global property programmes as they look to diversify exposures and grow their premium bases
  • Weekly share price movements and key data on The Insurance Insider's universe of P&C (re)insurers and brokers
  • A Florida district court has refused to throw out a class action suit against QBE and Bank of America that accused the pair of colluding in force-placed insurance deals.  
  • US insurance lawyer Chip Birthisel has urged (re)insurers to opt for federal courts over state courts to limit the risk of anti-insurer bias from elected judges.
  • A New York district judge has dismissed a private Libor suit against UK-headquartered Barclays bank, saying that many of the plaintiffs' claims were "non-actionable puffery".
  • A bill to revive the financially infirm Texas Windstorm Insurance Association (Twia) has ground to a halt in part because its sponsor did not seek to build a consensus, a lawyer close to the legislative process said.
  • The new CEO of UK trade body the British Insurance Brokers' Association (BIBA) last week vowed to have the "courage to stand up and speak out" against regulatory excess.
  • Berkshire Hathaway has had its counterparty credit rating downgraded by Standard & Poor's (S&P) from AA+ to AA with a negative outlook on all the group's ratings - including financial strength - partly due to capital adequacy questions.
  • Traditional (re)insurers that describe the emergence of capital markets-backed alternative capacity as unsustainable may be in denial, Willis Capital Markets & Advisory (WCMA) wrote in a review of first quarter results from the ILS market.
  • The fourth Florida-specific cat bond of 2013 is now marketing to investors through a new private deal, The Insurance Insider can reveal...
  • Earlier this year Trading Risk reported that start-up fund manager Stone Ridge had successfully raised $350mn for two new ILS funds, while fixed-income specialist Pine River had hired convergence market executive Al Selius to oversee investment of up to 5 percent of two of its flagship funds to the ILS sector.
  • Generalist investors - such as pension funds and other mainstream fund managers - are continuing to lift their share of new cat bond issuance in 2013, according to updated statistics obtained by sister publication Trading Risk.