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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.
  • We track where the losses flow from the recent adverse legal decisions in Spain. Two of the worst-affected P&C insurers in The Insurance Insider's universe are HCC - a market leader in the Spanish surety market - and Scor, a 40 percent shareholder and major reinsurer of the Spanish construction carrier Asefa
  • The Insurance Insider's Data Room compares the third quarter results of the industry's big three brokers...
  • Citizens is facing a last-minute race to get its ambitious clearing house proposal up and running for 1 January 2014.
  • The depopulation of Florida's Citizens Property Insurance Corporation is at a key stage as the state-backed insurer looks to maintain momentum through take-out deals and the execution of its proposed clearing house initiative by 1 January
  • The combined top line of London's publicly listed (re)insurers inched up by 1.5 percent in the third quarter to reach $3.57bn, according to data compiled by The Insurance Insider. We examine the third-quarter trading statements of the London-listed carriers and see who is growing, and who is retrenching...
  • If cedants are struggling for higher ceding commissions and improved terms on their reinsurance contracts - an unlikely scenario in today's climate perhaps - they might do worse than point to a continued improvement in Bermudian carriers' loss experience on reinsurance business
  • Industry-wide insured losses stemming from Super Typhoon Haiyan, which made landfall in the Philippines earlier this month with Category 5 strength, could now range between $300mn and $700mn, according to a forecast by AIR Worldwide.
  • Total disclosed losses stemming from the unusual hailstorms that struck parts of Germany and France in late July have reached nearly $1.5bn as the third quarter reporting season draws to a close, according to data compiled by The Insurance Insider's Data Room.
  • Dual Ibérica, the Spanish arm of Hyperion Group's global managing general agency (MGA) Dual, has unveiled ambitious diversification plans as it cited production figures that showed the market beginning to pick up after the country's financial and banking crisis.
  • The Spanish economy is through the worst of the country's economic and banking crisis and is in a position to benefit from internal reforms and links to fast-growing Latin American economies, senior London market executives heard at a high-level gathering in Madrid last week.
  • Further misery for Tower Group as it's forced to remind investors about its parlous situation.
  • Catastrophe modeller AIR is set to release a model for US inland flood risks in early 2014 in a bid to make the market more viable for private market insurers.
  • If Lloyd's follows through with its threat to stop Canopius Syndicate 260 trading forward in 2015 a merger into one of the carrier's other syndicates will be pursued to guarantee its future, The Insurance Insider has learned.
  • The hull of the Tatarstan Airlines Boeing 737 that crashed in Russia at the weekend was insured for just $9.5mn, with the cover brokered by Willis and shared between underwriters in London and Russia, according to aviation market sources.
  • The insured loss from fire damage to a Korean-owned Chinese microchip factory in September has increased from $1.1bn to $1.3bn and is on course to be the largest single-risk loss this year, sister publication Inside FAC revealed last week.
  • Broker consolidator Towergate is in advanced talks to buy Footman James, a UK broker of classic car and motorcycle insurance, from current owner Aon, according to press reports.
  • US insurance broker AJ Gallagher (AJG) has completed its takeover of UK rival Giles, the company said on 14 November.
  • US private equity firm Carlyle Group has agreed to buy a majority stake in California-based insurance broker Edgewood Partners Insurance Centre (EPIC) for an undisclosed sum, providing further evidence of the sector's growing interest in insurance intermediaries.
  • Barclays Capital (BarCap) has hired Deutsche Bank's most senior financial adviser for insurance deals in London, The Insurance Insider can reveal.
  • Private equity firm Aquiline has syndicated 19.9 percent of Equity Redstar to Macquarie, which advised on its acquisition of the troubled Lloyd's motor insurer, The Insurance Insider can reveal.
  • Saga, the UK insurer and travel agent for the over-50s, is being lined as up the insurance sector's next IPO, with its private equity owners holding talks with investment banks about a 2014 stock market launch.
  • RSA's financial strength and credit ratings could be lowered again unless the UK general insurer takes steps to strengthen its capital position, according to credit analysts.
  • Tornadoes strike; New Man in; Aviva sells; Blue Capital grows; End of the Saga?; Tower reassures; Italy risk; Carlyle buys; RLI dividend; Argo reshuffle; Citadel invests; QBE negative; Arrow down; BMS recruits; TRIA lobby; Allied World upgrade; Ran-off; IPO woe; VIG acquires; RSA down; Barbican promotes; Bailey returns; Xuber signs; Amlin upbeat; HCC director; Marsh rated
  • Former RSA CEO Andy Haste is no longer involved in the sale process to acquire the Co-op's insurance arm, The Insurance Insider understands.
  • The confidential investor memorandum has been sent out to potential buyers of Lloyd's business Antares and indicative bids have been requested by 6 December, The Insurance Insider has learned.
  • Years of political hostage taking and stalemate over Solvency II finally came to an end last week.
  • Five and a half months after its previous cover expired, Venezuelan state-owned hydrocarbon company PDVSA is inching closer to securing new insurance cover with Panama-domiciled Barents Re as the lead, The Insurance Insider can reveal.