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  • UK watchdog the Prudential Regulation Authority (PRA) has published its final version of the Senior Insurance Managers Regime (SIMR), which will introduce what experts have described as a far more complex set of rules for insurers.
  • Global reinsurers shrugged off cyclical market pressures during the second quarter, as a number of carriers bolstered their top lines despite ongoing softening of pricing and terms.
  • Operating returns for Bermudian (re)insurers flattened during the second quarter, as a number of non-cat and smaller cat losses hit the bottom line.
  • Bermudian carriers booked varied top-line movements during the second quarter, although it was clear that (re)insurance market pressures were felt across the board.
  • Short-tail carriers reported contrasting top line movements in Q2 as Validus and RenaissanceRe benefited from recent diversifying acquisitions while Lancashire booked significantly lower gross written premium (GWP), in part because several multi-year contracts were not up for renewal.
  • Returns for the short-tail (re)insurers slid well below their five-year average in the second quarter as a sharp drop in underwriting profits was only partially offset by an improvement in investment results.
  • Underwriting results sharply deteriorated in the second quarter for The Insurance Insider's shrinking composite of short-tail specialists as compounding rate reductions combined with an above-average period for losses.
  • Mike Millette's new investment vehicle, Hudson Structured Capital, is expected to target a range of reinsurance sectors as well as transport structured finance, sister publication Trading Risk reported last week.
  • Quindell names CEO; Montpelier Re loses Pollett; NAIC signs Bermudan MOU; Kuwait Re under review; Indonesia plane found; Catco strengthens;  PRA cyber questionnaire; Heritage to write in NC; Integro adds aviation division; Prima Italian quake bond; Torus US appoints CEO; GRP moves into UK retail; Iranian sanctions lifted
  • Miller Insurance Services partner Simon Clarkson is set to join AJ Gallagher's specialist energy insurance brokerage Alesco, The Insurance Insider has learned.