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October 2013/3

  • Scandinavian specialist Compre Holdings has said its "innovative" acquisition of two Norwegian legacy portfolios would pave the way for further similar transactions that can "unlock" value for owners of run-off P&C business.
  • Steven Burns, who recently relinquished his position as CEO of QBE Europe, has reversed his decision to become Group CFO of the Sydney-listed insurer and will instead retire.
  • The Lloyd's start-up led by Duncan Dale, the former managing director of Amlin London, will focus on writing property and casualty (re)insurance only as it looks to concentrate its resources.
  • A lack of imagination regarding new perils, limited product offerings and restrictions on capacity mean that at least 80 percent of the perils faced by commercial organisations are not insured.
  • Lloyd's head of underwriting Tom Bolt has accused the P&C reinsurance industry of "letting itself down" on emerging risks such as contingent business interruption insurance (CBI) and not adapting to provide products or sufficient capacity to meet the needs of clients trading in the global economy.
  • Plans to name and shame firms under investigation by UK regulator the Financial Conduct Authority (FCA) have been criticised by the British Insurance Brokers' Association (Biba)
  • The global (re)insurance industry should look to deploy its excess capital by widening the market for insurance and meeting the needs of customers with profitable new products, a high-ranking panel of industry executives told the Guy Carpenter Baden Baden Reinsurance Symposium yesterday afternoon.
  • Scor CEO Denis Kessler has added his voice to the chorus of those objecting to International Association of Insurance Supervisors (IAIS) plans that could subject some heavyweight reinsurers to more onerous regulation and capital requirements
  • Maurice "Hank" Greenberg's company Starr International has been thwarted in its bid to summon Federal Reserve chairman Ben Bernanke to give evidence in a suit against the US federal government over the AIG bailout
  • The amount of flood insurance Massachusetts homeowners are legally required to buy could be capped if a bill filed last week is passed
  • The California Earthquake Authority (CEA)'s early release of the full details of its 1 January cat renewal, right down to the size of signed lines, has been one of the features of PCI in recent years.
  • The Turkish Catastrophe Insurance Pool is quadrupling its retention and buying close to 60 percent more limit as it restructures the cat treaty for its 1 November renewal, The Insurance Insider can reveal.
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