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  • The National Association of Insurance Commissioners (NAIC) has welcomed the Federal Insurance Office (FIO) report on modernisation of insurance regulation for its commitment to maintaining the state-based system at its core.
  • A newly formed Prudential Regulation Authority (PRA) panel representing the interests of the UK financial services industry has elected Aberdeen Asset Management CEO and former Chaucer chairman Martin Gilbert as its head.
  • Lloyd's and UK regulator the Prudential Regulation Authority (PRA) will be "mindful of duplication of where oversight might be experienced by those who are subject to PRA and Lloyd's jurisdiction," a new protocol between the two institutions confirmed.
  • Regulators need to supervise the insurance-linked securities (ILS) market to ensure that investors have sufficient expertise to analyse insurance risks, the European Insurance and Occupational Pensions Authority (Eiopa) said on 12 December.
  • The California Earthquake Authority (CEA) will seek board approval today (16 December) to maintain its claims-paying capacity at the same level in 2014 as in 2013, according to meeting agenda documents.
  • The cat bond market has returned to its pre-financial crisis heights, with 2013 issuance set to reach $7.5bn if all three bonds currently in the pipeline close on target before the end of the year.
  • Three new cat bonds launched in the past week, including two from debut sponsors and a complex deal from Argo that offered direct and facultative risk to the insurance-linked securities market, sister publication Trading Risk reported.
  • Axis has established a new class 3A Bermudian reinsurer, Axis Ventures Re, as well as a management company, Axis Ventures, according to the latest registration statistics from the Bermuda Monetary Authority.
  • The benign catastrophe climate in 2013 has helped mask underlying margin pressure on Bermudian (re)insurers, according to Keefe, Bruyette & Woods (KBW) analyst Meyer Shields.
  • Industry-wide insured losses stemming from Windstorm Xaver could reach EUR1.4bn, catastrophe modelling firm AIR Worldwide warned last week (12 December).