November 2009/2

Spanish competition authority the Comisión Nacional de la Competencia (CNC) has fined local insurers Asefa, Mapfre and Caser as well as leading global reinsurers, Munich Re, Swiss Re and Scor a total of EUR120mn for operating a cartel.

Rating agency Fitch said its concerns over reinsurers' ability to tap capital markets following a significant catastrophe have "sufficiently eased" after revising its outlook on the global reinsurance sector from negative to stable.

Marketform, the Lloyd’s insurer majority owned by the US firm Great American Insurance Group, is undertaking a significant reshuffle of its executive operations to improve its “corporate governance”.

UK insurer Brit has laid out the timetable for its redomicile to the Netherlands in a reorganisation that it is expected will see a new holding company listed on the London Stock Exchange on 21 December.

So-called ‘mega-claims’ are now a common occurence in the power (re)insurance market, with almost half of the $9.85bn total loss recorded over the last ten years the result of just 16 claims.

The share price of UK-quoted Randall and Quilter (R&Q) had fallen by 15.02 percent to 107.5p at the time of writing in the wake of today’s crucial LMX-related High Court judgment against the run-off management firm.

The International Association of Insurance Supervisors (IAIS) highlighted the important role of microinsurance "as a means of socio-economic development" at its annual conference.

US insurers Seaton Insurance Co and Stonewall Insurance Co's long-running case against Randall & Quilter (R&Q) founder Ken Randall is approaching appeal.

Just under 200 investors, advisors and sponsors gathered in New York for Trading Risk's annual executive briefing last month to discuss market issues.

Fairfax Financial Holdings (FFH) has described the shareholder class action suit filed against it over the acquisition of outstanding minority interests in OdysseyRe as a "nuisance suit".

Bermudian (re)insurer Mariner's proposed solvent scheme was sanctioned by the Bermudian Supreme Court, the first approval since the Scottish Lion decision.

It’s the new buzz term in the industry's lexicon, but is it more than that? The Insurance Insider went all the way to Senegal to find out…

Gilmour also to join Enstar-backed firm as new CEO arrives.

Former Benfield Group chairman is frontrunner...

Moody's and Standard & Poor's (S&P) must respond to fraud charges accusing them of masking the risks of the collapsed Cheyne Structured Investment Vehicle (SIV).

French reinsurance group Scor is understood to be contemplating a new cat bond in the Atlas series, while leading ILS manager Goldman Sachs is working on three ILS...

Industry loss warranty (ILW) volumes in Q4 have been boosted by livecat trading during October's Typhoon Melor and the purchase of Europe-exposed and US quake peril contracts.

In a landmark decision, a UK High Court Judge has ruled that Berkshire Hathaway’s run-off vehicle Equitas may recover reinsurance losses based on modeled calculations of the notorious LMX spiral from Randall & Quilter (R&Q)-owned reinsurer Brandywine.

O’Neill set to join Marketform; R&Q named ARC company of the year; UK non-life run-off liabilities up 30%...

As the major brokers reported their Q3 results Aon was left defending the effect that its $1.4bn purchase of independent reinsurance broker Benfield in Q3 2008 had...

Strong trading at Q3 but how will its credit/political risk exposures develop?

(Re)insurers are not banks, says Geneva Association; Axa on M&A trail with EUR2bn rights issue; Hedge fund takes Glacier reins; IPC gains boost Validus and Max profits...

Mitsui Sumitomo hires senior franchise exec; Wildnet investors sell stakes; Corfield leaves Liberty; AEGIS London enters A&H; Brit parts company with PI execs...

The broking giant and AIG were served with a lawsuit by US commodity producer and distributor Seaboard Corp at the end of October.

Bermuda-headquartered Armour Reinsurance Group has lured senior Pro Group executive Steve Ryland, despite being trumped in the race to acquire Pro by Tawa plc.

The industry loss warranty (ILW) market was finally able to settle contracts impacted by the 2008 US hurricane season after PCS finalised its industry onshore loss estimate...

As the Q3 financial reporting season draws towards its close, there is growing evidence that (re)insurers’ boards are under pressure to focus on capital management.

As investors wallowed in financial markets despair at the start of 2009, few would have predicted the speed and size of the bounce in equities that began in mid-March.

The commercial energy (re)insurance market is facing its biggest loss of the year from the blowout and subsequent fire at the West Atlas rig in the Timor Sea.

Capita Insurance Services managing director of commercial insurance, Max Pell, has left the UK outsourcing giant to join rival firm Xchanging.

Losses from Central European banks fuel growing loss bill; but experts say the industry is responding well.

The UK High Court has sanctioned schemes of arrangement for the 48 solvent and insolvent companies that make up the Trimark 1968 and prior years pools schemes, after creditors voted "overwhelmingly" in favour at a 9 October meeting.

Lloyd's lead (re)insurance stocks down; Valuations falter; Gap narrows further between Lloyd's and Bermuda.

A lot can happen in four years but, one way or other, Royal Bank of Scotland will have sold its P&C insurance operations, RBS Insurance (RBSI), by 2013.

While parent AIG reported a moderate $455mn third quarter net profit - compared to the giant $24.5bn net loss of Q3 2008 - Chartis disappointed on its core underwriting.

Our monthly column keeping a check on recent US and EU legislative and regulatory developments, in association with Sidley Austin LLP.