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May 2014/3
  • Forge bankruptcy costs Swiss Re and Chubb $150mn
    The $95mn surety loss disclosed by Swiss Re and the $54mn hit reported by Chubb in the first quarter were both triggered by the bankruptcy of Australian engineering and construction group Forge
    19 May 2014
  • GoM wind rates drop 10%
    Prices for Gulf of Mexico (GoM) windstorm cover have fallen by an average of 10 percent at the halfway point in the renewal season, offshore energy sources told sister publication Inside FAC.
    19 May 2014
  • Pemex well blowout triggers late $200mn claim
    The upstream energy market is bracing itself for a $200mn loss after a blowout at an onshore well belonging to Mexican state-owned energy giant Pemex came to light in the first quarter, sister publication Inside FAC reports
    19 May 2014
  • Fast-growing FedNat scales up reinsurance programme
    Expansive Florida homeowners' insurer Federated National (FedNat) is more than doubling the retention and limit purchased on the private market portion of its 2014/15 cat reinsurance programme, programme which renews on 1 July. The Insurance Insider has all the details...
    19 May 2014
  • Hardy confirms QBE hire and casualty push
    Lloyd's insurer Hardy Underwriting finally confirmed last week the appointment of former QBE executive Craig Bennett as its new head of casualty underwriting after an earlier non-committal stance.
    19 May 2014
  • Florida endorses Sunshine State rescue deal
    The Florida Office of Insurance Regulation has confirmed that United Property & Casualty Insurance Company's deal to buy Sunshine State Insurance Company (SSIC) meets the terms of the consent order it issued earlier this year
    19 May 2014
  • Turkish mine collapse leaves international carriers unscathed
    The mining disaster in Turkey that claimed more than 300 lives last week will not deliver a meaningful loss to the international (re)insurance market, sister title Inside FAC reported today (19 May).
    19 May 2014
  • UK move to increase D&O exposures
    The UK government is expected to outline a proposed change in law next month in a move that could increase the exposure of insurers providing directors' and officers' (D&O) cover.
    19 May 2014
  • Einhorn slashes Aspen stake by 90%
    Hedge fund investor David Einhorn has cut his stake in Aspen by 90 percent as the future of the company continues to be called into question by the unwanted attentions of John Charman's Endurance.
    19 May 2014
  • Select Aspen underwriters gain retention bonuses
    A select band of senior Aspen underwriters are to benefit from retention bonuses as the firm shores up its defences against the hostile attentions of rival bidder Endurance, The Insurance Insider understands.
    19 May 2014
  • Canopius restructures energy and marine insurance
    Canopius Group has separated its existing marine and energy insurance unit into two separate divisions, the insurer said today (19 May).
    19 May 2014
  • Atrium hires Canopius head of marine treaty
    Enstar-owned Lloyd's business Atrium has hired Andrew Hedges from Canopius, The Insurance Insider can reveal.
    19 May 2014
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