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  • The Consumer Federation of America (CFA) has urged US legislators to reject a bill that would delay an overhaul of the US flood insurance subsidy scheme, arguing that the programme is too costly and fails to deter building on flood plains.
  • The state of Vermont has passed a law that will make it easier for US carriers to commute their legacy books to be run off in the state.
  • After getting a headstart to 2014, shares for London-listed broker JLT fell 2.27 percent last week, pegging back its year-to-date performance to +1.67 percent.
  • Oil extraction equipment maker Cameron International has failed to convince a US court that a jury should decide the outcome of its case against a unit of insurer Liberty Mutual, which relates to a disputed $50mn claim dating back to the 2010 Deepwater Horizon disaster.
  • American International Group (AIG) has been thwarted in an 11th-hour attempt to block the approval of Bank of America (BoA)'s $8.5bn settlement for more than 500 claims from investors over toxic mortgage-backed securities.
  • Around 40 London market cargo insurers are considering suing the Japanese ship manufacturer Mitsubishi Heavy Industries (MHI) after one of its vessels split in half and caught fire, destroying its $440mn cargo.
  • Munich Re is set to raise circa $100mn from a new Queen Street cat bond as the insurance premium on the deal has fallen due to strong investor demand, sister publication Trading Risk has reported.
  • Selective Insurance said that almost 30 percent of its 2014 reinsurance programme was written on a collateralised basis as it added $100mn to the top of its cover.
  • American Strategic Insurance Group has become the first Floridian insurer to tap the cat bond market in 2014 with its debut offering, the $125mn Gator Re.
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