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.

AIG is taking another shot at adding to its innovative Tradewynd Re cat bond cover, as the insurance heavyweight commits to giving investors more information on the complex portfolio of risks that are securitised in the structure

Investor appetite for cat bonds continues unabated as the latest Residential Re (2013-2) cat bond sponsored by veteran issuer USAA has priced at the lowest end of marketing guidance and is set to close at $150mn, we can reveal...

New York-listed insurer Ace has delivered a vote of no confidence in the P&C market by shedding its previous aversion to share buybacks and planning to return $1.5bn of capital by the end of 2014.

While prospects for workers' compensation insurers appear to be "brightening", AM Best has warned that the business will remain challenged as a widening reserve deficiency puts a drag on underwriting profitability.

Last week, Bermudian reinsurer Maiden outlined plans to refinance its trust-preferred securities (TRUPS), a source of capital that has dragged on earnings but been a boon to its founding investors. We look at the background and analyse the impact on the reinsurer's book value...

Equity analysts are raising their full-year profit forecasts for the listed Lloyd's (re)insurers as another benign North Atlantic hurricane season is set to end officially this week (Saturday) and with relatively modest cat losses elsewhere

October's Typhoon Fitow looks likely to become the second most expensive insured loss ever to hit China with an estimated bill of $1bn, it is now understood.

The loss-affected second and third layers look set to become the key renewal battlegrounds for the 2014-15 International Group (IG) reinsurance renewal, after a further deterioration in the Costa Concordia loss wiped out the former and brought the latter into play for the first time.

American International Group (AIG) has agreed to provide backing for specialty excess of loss (XoL) reinsurance MGA Tamesis Dual in a deal that will add £15mn-£20mn to the vehicle's 2014 capacity, The Insurance Insider understands.

Three-and-a-half months after the scheduled release date, Tower Group finally reported its second quarter results after markets closed on 22 November, revealing a $507mn net loss and the virtual halving of NTAV

Argo Group is continuing to reshuffle its senior management, with Matthew Wilken taking over from Andrew Carrier as president of its Bermuda-based property cat reinsurance operations, The Insurance Insider revealed last week.

Dominic Christian, executive chairman of Aon Benfield International and CEO of Aon UK, has been elected unopposed to the Lloyd's Council for a three-year term beginning in February 2014.

Enstar and Stone Point Capital have asserted their authority as the new owners of specialty P&C insurer Torus by appointing a trio of senior executives before the deal's planned Q4 closure

AJ Gallagher has continued to lure executives from JLT's highly prized construction team, with the number of defections thought to have now reached near double figures, The Insurance Insider understands

Enstar Group has completed the $158mn takeover of Lloyd's managing agent Atrium Underwriting five months after it agreed the deal.

The UK Minister for the Cabinet Office and Paymaster General has told the London insurance market that it must remain a place of intense innovation and creativity.

Allied World confirms; Gulf Re promotes; Sidecar hire; Torus in; Kick off; Italy debt; R&Q contract; ProSight lands; Scor upgrade?; Hyperion marine; Universal shares; Motor woe; Federated National offering; Reinsurers affirmed; Swiss Re buys; Allianz GCS converts; Charles Taylor satisfied

Major cedant Allianz has put firm order terms into the market for its EUR1.3bn ($1.8bn) "SuperCat" treaty that will see reinsurers receive 20 percent more premium for the bottom layer exhausted by the European floods

CGSC has parted company with Ron Carlier less than six months after the veteran former RK Carvill executive joined as CEO of its reinsurance broking subsidiary.

Transatlantic observers of current affairs have had an entertaining time of late watching the seemingly parallel lives of two hapless leaders play out like a Greek tragedy double bill.

Houston International Insurance Group (HIIG), the US insurer led by industry entrepreneur Stephen Way, has confirmed plans to seek new investors to replace PE house Lightyear Capital and to finance  growth in 2014 and beyond