May 2014/3

A look-up table for The Insurance Insider's universe of P&C (re)insurers

Shares in live-to-legacy player Enstar climbed 5.13 percent last week following a three-fold surge in its reported first quarter profit to $29.6mn.

The Association of British Insurers (ABI) has rebuffed claims that the industry was involved in a "dirty deal" with the government over changes to the Mesothelioma Act, which came into force earlier this year.

The industry's multi-million dollar liability to American football players' concussion injuries remains unresolved four months after a US court rejected a $765mn settlement offer.

Recently downgraded Swiss engineering (re)insurer Infrassure has been granted a stay by the Swiss Supreme Court in its long-running Russia dispute against Allianz

The US government should look at successful state level initiatives to find ways of offloading risk to the private markets, according to panelists at The Insurance Insider's InsiderScope event in New York earlier this month

Aerospace rates continued to fall in the first quarter of 2014, with premium dropping by an average of 5 percent in reporting currency for 2013/14 programmes, according to Aon

Softening market conditions pressured top-line growth for global P&C reinsurers in the first quarter of 2014, according to analysis by The Insurance Insider's Data Room.

Global reinsurers' underwriting performance deteriorated modestly in the first three months of 2014, as combined ratios across the group widened following a period of softening rates

Despite a near-negligible burden from catastrophe losses during the first quarter of 2014, Bermudian (re)insurers produced contrasting results. The Insurance Insider's Data Room crunches the numbers...

Two Japanese insurers have launched new low-yielding cat bonds, while veteran ILS sponsor USAA is offering prospective investors a higher risk-return aggregate deal

RenaissanceRe is seeking a major new hedge for its Florida portfolio through the purchase of an indemnity retrocession cover providing up to $275mn of limit above a $75mn deductible.

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

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.

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

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...

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.

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

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).

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.

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.

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.

Canopius Group has separated its existing marine and energy insurance unit into two separate divisions, the insurer said today (19 May).

Enstar-owned Lloyd's business Atrium has hired Andrew Hedges from Canopius, The Insurance Insider can reveal.

Troubled Nasdaq-listed insurer Tower Group has rejected an all-paper offer from little known Bulgarian carrier Euroins Insurance Group (EIG) that valued the business at a 50 percent premium to the current recommended bid.

Bermudian (re)insurer acts swiftly to replace the departing Andrew Carrier

Steve Cook is to stand down as CEO of top-quartile Lloyd's business Atrium seven months after it was acquired by diversifying legacy company Enstar

Specialist US cat writer ICAT has restructured its core reinsurance programme with a new single-shot layer and upsized its Louisiana carve-out cover, The Insurance Insider can reveal.

The New York Metropolitan Transportation Authority (MTA) has brought new capacity from Berkshire Hathaway, Nephila and other alternative markets onto its cat cover in a move that is expected to be replicated by other major municipal buyers of insurance.

The Ekspress-AM4 communications satellite that failed to reach orbit on Friday (16 May) will cause a $200mn loss for the international space (re)insurance market, sister title Inside FAC revealed earlier.

A fund run by insurance boutique and research house VJ Dowling has given Enstar a vote of confidence by purchasing stakes in Torus and Atrium

Enstar Group Ltd has moved to take a tighter hold of recently acquired subsidiary Torus with a round of management changes, as it looks to turn around the business and get its entry into the live market back on track

Willis has brokered $55mn of index-based reinsurance capacity for the first catastrophe insurance pool in Africa

There is a "not insignificant" risk that some customers of Infrassure will take their business elsewhere after the Swiss-based engineering insurer was downgraded last week by AM Best, its chief executive William Bachmann told The Insurance Insider.

Talanx upgrade; Lemma withdrawn; Cat bill; Pay revolt; Capita launches; As does Aquila; Aviva drop; Zurich profits;  AIG disposal; Chubb CEO sells; Lloyd's expands; Catlin grows; Novae boost; Allianz upbeat; Admiral slows; Charles Taylor buys; Pioneer board; Gaffney promotes; Nexus streamlines

Demonstrating that cat rate pressures are being widely felt outside of Florida, firm order terms on USAA's mammoth catastrophe treaty programme have been released with a risk-adjusted rate reduction of 20-25 percent