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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.
  • Kevin Cunningham, one of the founding partners of Fenchurch Advisory Partners, has left the boutique financial adviser, The Insurance Insider can reveal.
  • Dysfunctional communication in company boards is impeding best business practice and causing groups of "very smart" people to sometimes make "very dumb" collective decisions, according to professional services firm RPC and consultancy Glowinkowski International.
  • Senn commits suicide; Aspen appoints credit and surety heads; Towergate hires Dual duo; Axa realigns senior management; Barclays appoints new UK leadership; Chubb hires Polybank; Helios acquires; Nexus and XL Catlin sign financial lines deal; Indian insurers to reveal executive pay; Ropner hires six; Lloyd's construction consortium expands; Sciemus hires Lloyd's emerging risks manager; Sony reveals $1bn Kumamoto loss; Davies joins Eliot Partnership; Navigators to pay first ever dividend
  • XL Catlin CEO Mike McGavick has criticised the complexity of the Solvency II regime, which came into effect almost six months ago.
  • The Irish Taoiseach Enda Kenny underlined the importance of the UK's upcoming European referendum at the International Insurance Conference hosted by Insurance Europe last week (25 May).
  • Programme carrier Spinnaker is targeting other US southeast states including Texas and Florida as it continues to build out its homeowners' underwriting and distribution platform, The Insurance Insider can reveal.
  • Lloyd's is launching a portfolio review into select lines of business including aviation, terrorism and energy across all syndicates, The Insurance Insider understands.
  • CV Starr and American International Group (AIG) are among the (re)insurers with the biggest lines on the $386mn property insurance policy exposed to an explosion that killed 32 people at a petrochemical plant in Mexico last month, The Insurance Insider can reveal.
  • London-listed insurer RSA has informed its reinsurers that it expects to incur C$350mn-C$450mn ($270mn-$347mn) of claims from the Fort McMurray wildfires, The Insurance Insider can reveal.
  • Macquarie analyst Amit Kumar has advised investors to hold their nerve with reinsurance stocks during the Florida hurricane season, despite forecasts of the state's most severe season for a decade.
  • What is the difference between an averagely-performing company and an excellent one?
  • A two-speed market emerged for pricing at the key 1 June Florida renewal as reinsurers increasingly differentiated between better quality risks and what they perceived as inferior cedants, The Insurance Insider can reveal.