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  • Five and a half months after its previous cover expired, Venezuelan state-owned hydrocarbon company PDVSA is inching closer to securing new insurance cover with Panama-domiciled Barents Re as the lead, The Insurance Insider can reveal.
  • The shortfall in workers compensation reserves in the US widened to $27.8bn at the end of 2012 representing the fifth consecutive year of deterioration despite improving rates and underwriting results, according to AM Best.
  • Shares in (re)insurance brokers continued to climb last week as investor confidence was boosted by the sector's broadly solid organic growth figures for the third quarter.
  • European P&C (re)insurance stocks were generally down last week, although the EU finally reached a breakthrough deal on the long-delayed Solvency II regime.
  • Novae and Amlin were the only carriers to outperform the benchmark FTSE 100 index last week thanks to a positive reaction to their strong Q3 results.
  • The majority of US-listed (re)insurers traded up last week as the third quarter reporting season drew to a close.
  • Puerto Rico has ramped up efforts to expand its international insurance centre and pitch itself as a Latin American platform for the (re)insurance and captive industry.
  • Sensitivity over data protection following the Ed Snowden revelations could spark a populist movement to push through "very unpopular" data regulations that may have a significant impact on the insurance industry.
  • Lloyd's most senior lawyer, Sean McGovern, warned the US House of Representatives last week that increasing the trigger for TRIA, the US government backstop for terrorism risk, could increase the burden on the US taxpayer.
  • The European Union's long-delayed Solvency II capital regime for (re)insurers looks set to come into force in 2016 as planned, after officials agreed a final draft of the new rules following a marathon six-hour negotiating session in Brussels late last week.