November 2012/3

Industry loss warranty (ILW) limits of $350mn-$400mn could be on the line to pay out as a result of Superstorm Sandy if industry losses rise as high as $20bn, sources estimated.

Montpelier Re has enlisted the support of Barclays Capital to launch a new London-listed reinsurance third party fund manager and sidecar, according to fundraising presentations obtained by our sister publication Trading Risk.

Weekly share price movements and key data on The Insurance Insider's universe of P&C (re)insurers and brokers...

Chubb would make an attractive acquisition for Warren Buffett's Berkshire Hathaway, Barclays Capital analyst Jay Gelb argued last week.

Despite the increasing role of non-traditional capacity in recent years, the use of traditional reinsurance capital will continue to be the main leverage tool for growth at insurers, according to a survey by Guy Carpenter.

With $100mn of the recent $130mn deterioration in the Costa Concordia protection and indemnity loss attributed to increases in the cost removing of the stricken hull from a shallow ledge off the coast of Italy, a successful re-floating of the vessel is key to the resolution of the claim and its final cost.

Zurich Insurance Group's third quarter results fell short of analysts' expectations as it took a pre-announced reserve strengthening of $550mn in some German long-tail liability lines such as medical malpractice.

While the majority of US and Bermudian (re)insurers reported third quarter results that benefited from continued prior-year reserve releases, a number were also impacted by unfavourable development on long-tail business, including asbestos and workers' compensation.

The six London-listed (re)insurers cautiously talked up the potential for Superstorm Sandy to underpin property catastrophe rates as they commented on market conditions in their recent Q3 interim management statements.

Kiln was one of several Lloyd's insurers to lift its forecast syndicate results for the 2010 year in the past week, putting its flagship Syndicate 510 on track to make a profit.

The final Lloyd's auction of 2012 was completed on 14 November and saw £12.71mn of capacity change hands for a total of £742,708.

The latest round of elections to the 18-member Lloyd's Council has seen five members re-elected unopposed for fresh three-year terms.