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October 2013/4

  • Weekly share price movements and key data on The Insurance Insider's universe of P&C (re)insurers and brokers
  • CNA Financial Corporation reported operating income that climbed by a quarter year on year as improving underlying margins in its P&C business helped offset higher catastrophe losses and another loss from its life insurance segment.The insurer reported net operating income of $269mn or $1 per diluted share, compared to $0.80 a share in Q3 2012.
  • UK insurers have responded cautiously to draft guidelines from the Prudential Regulation Authority (PRA) setting out how the regulator expects them to act as they comply with Europe's new Solvency II capital regime.
  • The Financial Conduct Authority (FCA) drew one step closer to gaining new powers to regulate competition laws in the UK financial services sector after an amendment to an existing bill passed the House of Lords committee stage.
  • Scor CEO Denis Kessler has lashed out at France's state carrier Caisse Centrale de Reassurance (CCR) ahead of filing a complaint with the European Commission, as he bids to break down what he called its "quasi-monopoly".
  • The authority that runs the Washington DC metro has reached an undisclosed out-of-court settlement with Aon over a 2009 metro crash that killed nine people.
  • Bank of America subsidiary Countrywide Financial has been found guilty of defrauding Fannie Mae and Freddie Mac in a prosecution which could see the bank hit with a fine of up to $848mn.
  • Validus's reinsurance fund manager AlphaCat Managers made an underwriting profit of $11.9mn in the third quarter despite taking a $15.6mn catastrophe-related hit.
  • Intense competition for limited property catastrophe risk has started to deter fresh alternative capital from entering the reinsurance sector, Validus CEO Ed Noonan told The Insurance Insider.
  • Everest Re president Dominic Addesso said the company is on track to meet its $250mn target for its Mt Logan Re sidecar by year-end, after the vehicle began writing premiums in the third quarter.
  • UK-listed (re)insurer Catlin is set to close its Galileo Re cat bond 70 percent above its initial target at $300mn, as pricing on the deal settled below initial forecasts.
  • US-listed insurers are digesting proposed new accounting rules expected to come into force by 2018, which critics say could make the industry less profitable and its financial statements harder to understand.
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