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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.
  • Arch Bermuda has paid the Tennessee Valley Authority (TVA) a $42mn settlement for a $50mn excess liability policy affected by one of the largest environmental disasters on the US mainland in recent years, according to a TVA spokesman
  • New York-headquartered Two Sigma is the prime candidate to buy out SAC Capital's stake in the Bermudian reinsurer it founded last year and save the business from the orderly wind-up some were expecting, The Insurance Insider revealed last week.
  • Lloyd's (re)insurer Catlin is returning to the cat bond market for the first time since 2008 and hopes to raise $175mn of aggregate industry loss-based cover from its new Galileo Re transaction
  • Endurance has lured two more senior underwriters from Axis Capital with Richard Allen and Ian Bowler set to join Graham Evans' new London-based international insurance division, The Insurance Insider can reveal.
  • Nephila Capital co-founder Frank Majors has said that reinsurers should act as transformer vehicles and offer traditional indemnity reinsurance at the front while issuing index-based products out the back to tap into the benefits of the rising convergence market
  • The non-life cat bond market saw a total issuance volume of $1.45bn during the third quarter and is now at a record $17.9bn in terms of outstanding capacity, according to Munich Re's latest Q3 market review
  • Liberty Mutual is set to restructure its casualty reinsurance programme at renewal by cutting its spend by around a half, The Insurance Insider can reveal.
  • AIG's chief reinsurance buyer Samir Shah has criticised the plethora of advisers required for a typical cat bond transaction, in a speech that may offer some succour to traditional reinsurers feeling the competitive squeeze from alternatives
  • The NYSE-listed reinsurer Platinum opened the earnings season for Bermuda-based (re)insurers with reported net income of $38.3mn, down significantly from the $84.9mn it reported in Q3 2012
  • Analysts expect US-listed P&C (re)insurers to report mostly stronger third-quarter earnings over the next three weeks relative to the second quarter, helped by subdued catastrophe claims and stable bond yields
  • Munich Re predicts; Australia wildfire; Ace appoints; Compre buys; ERM stutters; Hannover Re expects; Invesco exit; Hiscox hires; Uniqa upgraded; Q-Re appoints; Linked in; Gibraltar motors; US life; Mapfre buys; Hailstorm hit; FP departure; Echo Re upgraded; Swiss Re sells; Lloyd's on track; R&Q transfers; Syndicate auctions
  • A study of cession rates among major global insurance groups has shown the long-run trend of primary carriers retaining more of their business has plateaued in recent years, despite strong anecdotal evidence of its continuation