May 2016/5
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Share price data on The Insurance Insider's universe of P&C (re)insurers
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The Insider 30 maintained its positive momentum for a second consecutive week, closing 1.5 percent higher on Friday (27 May).
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More than 15 carriers have brought a $71mn case against German engineering giant Siemens after one of its steam turbines failed "catastrophically", leading to substantial business interruption losses.
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Broker Southwest Risk has lost a $27.6mn bid to force its errors and omissions (E&O) insurer Ironshore to cover its negligence bill after the intermediary failed to place cover for $1.1bn of property risks ahead of Hurricane Ike.
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The Insurance Insider's composites faced challenges in their investment portfolios in the first quarter as market volatility continued to press against returns.
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Blackstone has allocated $250mn to Hudson Structured Capital Management's new reinsurance and transport finance funds, Trading Risk understands.
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After three years of low activity the US is set to experience near-normal storm activity in the upcoming Atlantic hurricane season, the National Oceanic and Atmospheric Administration (NOAA) said last week (27 May).
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Allianz Risk Transfer has launched its first insurance-linked securities (ILS) issuance with the Blue Halo Re cat bond, which seeks reinsurance cover of $150mn, Trading Risk understands.
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Florida specialist insurers have made increasing use of alternative reinsurance in recent years, according to a research report on the local market by Fitch Ratings.
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Concerns over the deteriorating situation around so-called assignment of benefits (AOB) claims for Florida insurers dominated many discussions with reinsurers during 1 June renewal negotiations.
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Florida Citizens has maintained a significant buffer to fund a 1-in-100-year hurricane this year despite a dramatic downsizing of its private risk transfer programme for 2016-17.
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Kin Lau, head of XL Catlin's Hong Kong operation, has left to join Tokio Marine Kiln, The Insurance Insider has learned.
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