October 2014/4

The passage of a proposition that would increase the cap on pain and suffering damages paid out in Californian medical malpractice claims could trigger a rise in medical professional liability (MPL) rates

Ace CEO Evan Greenberg has accused the US Congress of being "irresponsible" due to its indecision over the renewal of the Terrorism Risk Insurance Act (Tria)

UK life insurers could be faced with increased reporting costs of up to £100mn under a blanket common reporting standard (CRS), professional services firm EY warned last week.

Former American International Group (AIG) CEO Edward Liddy defended working closely with the US government during testimony at the trial on the insurance group's 2008 federal bailout.

Travelers has asked a US district court to rule that it is not required to cover a nationwide Chinese restaurant chain against a cyber breach.

Reinsurance buyers are looking for long-term capacity in a backlash against the alternative market ahead of the 1 January renewals, Scor CEO Denis Kessler told The Insurance Insider.

As reinsurers and buyers gather in Arizona for PCI, the message from their European counterparts in Baden-Baden last week was clear: prepare for tough negotiations and embrace alternative capital.

Despite its recent track record of growing market share against admitted carriers, the US surplus lines sector faces a series of challenges to profitability as it moves through 2014 and into 2015.

Despite moderating pricing trends, US commercial P&C carriers have so far trumped Wall Street forecasts for the third quarter, as modest cats and solid underwriting results helped lift the bottom line.

With the third quarter reporting season well underway, industry bellwethers have provided further evidence of slowing US commercial P&C pricing momentum, with no signs of easing.

The bloodbath that has spread from property cat excess-of-loss to other classes of reinsurance is now spilling over into the primary US P&C sector, threatening to bring a soft market in 2015.

Downbeat property catastrophe reinsurers can look to the Florida market for some degree of comfort in 2015 following the latest round of Citizens take-outs, which could result in fresh demand for protection.

Amlin has completed its previously announced agreement to increase its stake in insurance-linked securities (ILS) fund manager Leadenhall Capital Partners from 40 percent to 75 percent.

Some $3.8bn of cat bonds will come off-risk in the next two quarters in an unprecedented volume of maturities within the market, Munich Re noted in its latest quarterly insurance-linked securities (ILS) report.

P&C heavyweight AIG has signed up to provide backing for an MGA writing Shariah-compliant commercial insurance business, the carrier announced on 23 October.

The recent influx of hedge funds and alternative capital is set to change the way the (re)insurance industry operates and Ace intends to lead the charge, according to its CEO Evan Greenberg.

ANV Holdings has hired underwriter Julian Barker to work for its Syndicate 1861 political risk and violence team, the Netherlands-headquartered specialty insurer announced.

Senior energy underwriter James Leeper has left his position at Aspen to join Skuld, where he will take on the role of interim head of offshore energy, The Insurance Insider understands

Mark Church has been promoted to head of global general aviation for the Aon Aviation Global Specialty team, The Insurance Insider has learned.

Martin McCarron is leaving his role as class underwriter in the financial risk division of Catlin to become head of financial institutions at Markel International.

Guy Carpenter has continued to expand its US specialty offerings with the launch of a new healthcare and life practice to focus on the needs of providers and insurers in the sector.

Bermudian reinsurer forecasts 20 percent RoE on new business as rivals cut back

So-called "all risk" policies written by Lloyd's underwriters should not exclude cyber as standard, the market's director of performance, Tom Bolt, told The Insurance Insider.

London-listed services provider Randall & Quilter (R&Q) said that it is open to assisting more prospective Lloyd's entrants, following the news that the Standard Club is joining China Re in launching a 2015 start-up syndicate on Lime Street.