May 2016/5

Share price data on The Insurance Insider's universe of P&C (re)insurers

The Insider 30 maintained its positive momentum for a second consecutive week, closing 1.5 percent higher on Friday (27 May).

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.

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.

The Insurance Insider's composites faced challenges in their investment portfolios in the first quarter as market volatility continued to press against returns.

Blackstone has allocated $250mn to Hudson Structured Capital Management's new reinsurance and transport finance funds, Trading Risk understands.

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).

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.

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.

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.

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.

Kin Lau, head of XL Catlin's Hong Kong operation, has left to join Tokio Marine Kiln, The Insurance Insider has learned.