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October 2015/3

  • Share price data on The Insurance Insider's universe of P&C (re)insurers
  • Short-tail specialists led the way as The Insider 30 stocks outperformed all the main indices last week.
  • A successful bid for London market back office outsourcer and software firm Xchanging would boost its far larger rival Capita with sought-after earnings growth and a claim to the London market. But with Apollo still in the game, could the outsourcer be tempted to raise its offer?
  • A number of global specialty (re)insurers have made routine announcements about their losses from the explosions in Tianjin in August, confirming that the event will take a meaningful bite out of third quarter earnings.
  • The third quarter is predicted to bring lower earnings for P&C carriers, driven by deteriorating underwriting margins and the slowing of reserve releases.
  • Axis Re CEO Jay Nichols said that convergence in the reinsurance industry would continue as insurance-linked securities (ILS) funds and traditional reinsurers will continue to resemble one another more closely.
  • New hedge fund reinsurers need to successfully launch on the public markets before they can follow in the wake of Third Point Re, according to a panel of experts speaking at the Trading Risk New York Rendez-Vous 2015.
  • Executives at Towers Watson and Willis have been portrayed as the bad guys in a series of activist shareholder complaints from Towers Watson investors that argue for the proposed $18bn merger to be terminated.
  • Mills leaves Endurance; Argo hires former Lloyd's claims head; CCR: flood losses could hit EUR650mn; AIG hires CUO; Thomas Miller buys into Osprey; Pioneer US casualty E&S launch; AIG sells Central America operations; XL Catlin hires SVP for Americas region
  • Lloyd's has urged insurers to make greater use of data analytics as it warned of the catastrophic potential of emerging science-based liability risks.
  • Total capacity traded over the three Lloyd's capacity auctions this year came to £42mn ($65mn), down more than 60 percent on volumes traded in 2014.
  • Acappella Syndicate 2014 is the latest Lloyd's player to announce its intention to write political risks and terrorism business with the launch of a new unit headed up by Jonathan Powell.
  • Independent broker Besso Insurance Group has recorded an 11 percent increase in turnover to £32.3mn ($49.9mn) for the year ended 31 December 2014.
  • Lloyd's managing agents may enter into binding authority agreements of up to 36 months for the 2016 year of account, the Corporation has ruled.
  • Shane Doyle has left his role as CEO of Dual after two years to start an independent venture, the firm announced.
  • US insurers attempting to railroad reinsurers into paying aggregate claims under per-occurrence treaties are not fulfilling their cedant obligations and need to be resisted, Endurance CEO John Charman has told The Insurance Insider.
  • Ratings agency Fitch believes that while Baden-Baden negotiating stances might appear tougher this year, fierce competitive pressure means a pricing floor has yet to be reached.
  • Reinsurance broker Guy Carpenter has warned that US carriers may be forced to strengthen reserves for accident years in the "near future" as the reserving cycle threatens to turn.
  • Combined coverages and multi-year placements will "undoubtedly" continue as a buyer's market persists at the 1 January renewals, according to Guy Carpenter's CEO of Emea Nick Frankland.
  • The current wave of M&A activity is unlikely to end as reinsurers continue to seek scale and relevance to clients, an audience of over 500 senior executives heard at the Guy Carpenter 2015 Baden-Baden Reinsurance Symposium yesterday (18 October).
  • State-owned China Re is set to raise $2bn from investors after its Hong Kong IPO priced at the upper end of expectations, in a further show of the strong appetite for (re)insurance risk from Asian investors.
  • New York-listed insurer American Financial Group (AFG) has underlined its commitment to turning around the performance of its bottom-quartile Lloyd's business Marketform by bringing in Ascot founder Martin Reith as CEO.
  • The London & International Insurance Brokers' Association (Liiba) has said the £1mn it is planning to contribute towards funding a £250mn London market modernisation initiative is "entirely appropriate".
  • The London Market Group (LMG) has invited young professionals to be more involved in the Target Operating Model (Tom) modernisation programme and confirmed that it has dropped the idea of a slip levy to fund the process.
  • Australasian insurer IAG has retreated from a major strategic investment in China in the face of investor opposition, undermining the main rationale for its 10-year alliance with reinsurance powerhouse Berkshire Hathaway.
  • Liberty has decided to place its UK commercial motor book into run-off, The Insurance Insider has learned.
  • Imagine you run a shoe shop. You have been trading for many years and have many very loyal customers who come back year after year to buy from you. You have a great relationship with them.
  • Mammoth Canadian fund Ontario Teachers' Pension Plan is actively contemplating the sale of its insurance business ANV, The Insurance Insider can reveal