October 2012/4

Weekly share price movements and key data on The Insurance Insider's universe of P&C (re)insurers and brokers

Weekly share price movements and key data on The Insurance Insider's universe of P&C (re)insurers and brokers

PricewaterhouseCoopers has estimated the non-life European run-off market's total size at EUR220bn in 2012, essentially flat on last year's EUR218bn.

Bermuda-based insurer OneBeacon has agreed to sell $2.2bn of gross reserves to Armour Group Holdings.

The Bank of England and the Financial Services Authority (FSA) have said that the UK's new prudential regulator will emphasise judgement, new risks and the different needs of individual businesses when regulating (re)insurers.

The onerous implementation requirements of Solvency II are already slowing down the ability of European regulators to respond to market initiatives, not least in the run-off world.

Solvency II may not now go live until 2016 after a key voting deadline was missed last month that ruled out the slated 1 January 2014 implementation day.

Hannover Re's Eurus III cat bond marked a historical pricing low for the European wind risk insurance-linked securities (ILS) market.

In the past fortnight at least three catastrophe bonds have been brought to market that could take 2012 issuance beyond $5bn if they all close.

Reinsurers pulled back their participation in the insurance-linked securities (ILS) market in the year to 30 June, according to Aon Benfield's annual report on the sector.

Florida's state-backed insurer Citizens is planning to re-enter the cat bond market in 2013 with an additional $250mn placement, after making its debut this year with the $750mn Everglades Re transaction.

The appointment of McKinsey &Co principal Dominic Casserley as CEO elect of Willis Corp has deflated speculation that the business might be sold on the exit of long-time chief Joe Plumeri, analysts said.