November 2012/4

The official $11bn PCS claims estimate for insured losses from Hurricane Sandy - which was unveiled last week - bolstered commentators who said the disaster could cost less than feared, but will test the agency's processes for estimating commercial losses.

American International Group (AIG)'s share price has increased 41 percent during 2012 to date to $32.75, as equity investors have rewarded the company's turnaround and aggressive capital management.

American International Group (AIG) announced last week that it plans to launch a new joint venture with the soon-to-be-floated People's Insurance Company of China (PICC) after subscribing for about $500mn of PICC Group shares.

American International Group (AIG) has said it will welcome supervision by the Federal Reserve following its likely designation as a systemically important financial institution (SIFI), according to reports last week.

Bermudian (re)insurer Endurance Specialty Holdings has bought Marty Malinow's Galileo Weather Risk Management to use as the launchpad for new weather trading unit Endurance Global Weather, reports sister title Trading Risk.

Veteran specialty reinsurance underwriter Tony Lovett's Hyperion-backed MGA Tamesis Dual is set to double premium income in 2013, The Insurance Insider has learned.

Lloyd's specialist insurer Marketform has hired two new medical malpractice underwriters from Barbican to replenish the team after three of its members recently left for RenaissanceRe.

Sharp rate declines in the airline sector are ignoring the growing potential for accumulated losses in other business lines due to natural catastrophes, according to Richard Etridge, head of aviation at Torus.

The Association of British Insurers (ABI) was slammed by UK ministers for its "opportunistic" attempt to negotiate on flood insurance cover when parts of the country have been hit by severe flooding.

The International Group (IG) of protection and indemnity (P&I) clubs has announced that it is to increase the individual retention of its member clubs to $9mn at the next renewal on 20 February 2013.

Bermuda is still well-placed to maintain its global prominence in the (re)insurance markets despite the increasing trend for "regionalisation" of risk placement, Axis chairman Michael Butt told the London market last week.

Former Equity Redstar owner Eddie Truell is the preferred bidder for the troubled Lloyd's motor business, as Australian parent IAG prepares to sink a further £30mn into Equity to satisfy the Lloyd's Performance Management Directorate.