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November 2013/4

  • Marsh, McLennan and Companies once again led the brokers' share price growth last week, climbing 1.42 percent to bring its year-to-date appreciation to 39.08 percent
  • Shares in Paris-headquartered Axa made a modest recovery in rising by 2.65 percent last week after facing a headwind from its nine-month results, to place the company at the top of the European leaderboard
  • The majority of London-listed (re)insurers traded above the FTSE 100's performance last week, with the only exception being Hiscox
  • Bermudian reinsurance vehicle Third Point Re shone brightest last week with its share price leaping by 9.45 percent, while US specialty insurers RLI and Navigators enjoyed climbs of 4.75 percent and 4.01 percent respectively. Other stocks doing well include Ace Ltd...
  • Flood Re, the UK government-backed scheme designed to guarantee access to affordable insurance in flood-prone regions, will not apply to small and medium sized companies.
  • EU commissioner Michel Barnier said the long-awaited agreement on Solvency II has given teeth to the European Insurance and Occupational Pensions Authority (Eiopa), despite calls from its executive director for investigatory powers and a bigger budget
  • Once again there is a measure in the US Senate looking to clamp down on the ability of US insurers to transfer premium income to offshore affiliates and once again the proposal has criticised
  • Regardless of one's political convictions, it is in Lloyd's interest for the UK to stay in the European Union because of the regulatory difficulties that would be caused by an exit, says Lloyd's general counsel
  • UK regulator the Financial Conduct Authority (FCA) has launched an investigation into price comparison websites for motor, travel and home insurance, amid concerns they could encourage consumers to buy products that don't offer enough protection.
  • A recent UK court decision involving the former LMX broking heavyweight Walsham Brothers may have stymied attempts by the UK regulator to allow brokers to deal with the many of millions of pounds of unclaimed funds in their client account
  • Disgraced cyclist Lance Armstrong has reportedly settled a $3mn suit launched against him by an insurer looking to reclaim prize indemnity payments dating back to 1999.
  • XL and Stone Point Capital have named their new reinsurance fund joint venture New Ocean Capital Management and confirmed the hire of CIG Re and New Castle Re founder Chris McKeown to lead the business.