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November 2013/3

  • Shares in (re)insurance brokers continued to climb last week as investor confidence was boosted by the sector's broadly solid organic growth figures for the third quarter.
  • European P&C (re)insurance stocks were generally down last week, although the EU finally reached a breakthrough deal on the long-delayed Solvency II regime.
  • Novae and Amlin were the only carriers to outperform the benchmark FTSE 100 index last week thanks to a positive reaction to their strong Q3 results.
  • The majority of US-listed (re)insurers traded up last week as the third quarter reporting season drew to a close.
  • Puerto Rico has ramped up efforts to expand its international insurance centre and pitch itself as a Latin American platform for the (re)insurance and captive industry.
  • Sensitivity over data protection following the Ed Snowden revelations could spark a populist movement to push through "very unpopular" data regulations that may have a significant impact on the insurance industry.
  • Lloyd's most senior lawyer, Sean McGovern, warned the US House of Representatives last week that increasing the trigger for TRIA, the US government backstop for terrorism risk, could increase the burden on the US taxpayer.
  • Beazley's US arm is involved in a dispute with American supermarket chain Schnucks over costs relating to a cyber attack in which 2.4 million pieces of customer data were stolen.
  • The steady stream of legal suits that followed Superstorm Sandy may soon turn into a flood, according to the leading US insurance attorney Dennis Wade.
  • Lloyd's (re)insurer Novae is set to appeal a Queen's Bench Commercial Court decision that held it liable for a retro claim relating to damage to more than 165 Tesco stores affected by the 2011 Thai floods, The Insurance Insider understands.
  • Reinsurers should take advantage of alternative market capacity but it is possible to "survive nicely" in the industry without managing third-party capital, Validus CEO Ed Noonan said last week.
  • Falling catastrophe rates are a long-term secular trend rather than a short-term cycle phenomenon, said Nephila Capital co-founder Frank Majors during a panel discussion at the ILS Bermuda Convergence 2013 conference last week.
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