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May 2013/4

  • Weekly share price movements and key data on The Insurance Insider's universe of P&C (re)insurers and brokers
  • A New York court has refused an application to dismiss American Airlines' claim that the 11 September 2001 attacks were an "act of war" on the US.
  • German run-off (re)insurer Darag has confirmed the acquisition of legacy carrier Hanseatica Rückversicherungs-AG in the first deal since its EUR60mn capital injection last month.
  • Four insurers need not pay $96mn to defend the consultancy First Advantage Litigation against a defamation suit it lost in 2011, a second circuit appeals court ruled last week.
  • An autumn trial is likely in Miami for a $1mn+ legal dispute between Costa Rican insurer the Instituto Nacional de Seguros (INS) and brokers Hemispheric Reinsurance Group (HRG) and Howden Insurance Brokers.
  • Southwest Risk's founder and former CEO Bryan Wilburn has been accused of conspiring with fellow executives to start a competitor company.
  • The Chinese Insurance Regulatory Commission (CIRC) has issued a three-pillar second-generation solvency framework that will look familiar to Solvency II watchers.
  • US Congressman Richard Neal reignited the offshore reinsurance debate last week after he unveiled his more "balanced" plans to limit the tax benefits that occur when US insurers cede business offshore to their foreign affiliates.
  • A leading member of Solvency II discussions has told The Insurance Insider that there is now a "political will" among the key players in the debate to finalise a deal on implementing the regulatory framework.
  • USAA is set to close its 20th Residential Re cat bond at $300mn after final pricing settled at the lower end of revised guidance.
  • Don Kramer's nascent insurance-linked securities (ILS) fund manager, ILS Capital Management, will be targeting marine business in the January 2014 renewals after hiring former Ariel Re underwriter Brian Gulbransen.
  • Despite the strong performance of its share price this year, Spanish (re)insurer Mapfre could enjoy a further re-rating once investors realise the strength of its growing international book and as the firm continues to successfully sell-off non-core assets.
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