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  • American International Group (AIG) has settled out of court with the former president of its real estate investment arm for an undisclosed sum ahead of a $274mn trial over allegedly withheld compensation during the financial crisis.
  • A UK court has ruled against Lloyd's insurer Novae after it refused to pay a facultative retro claim to Tokio Marine Europe Insurance (TMEI) as it claimed the 2011 Thai floods were multiple events.
  • Lloyd's most senior lawyer has told the London market to "stop moaning" about the extra tier of regulation introduced by the Prudential Regulation Authority (PRA) and to "help the regulators make a success of it".
  • Lloyd's chief financial officer Luke Savage said London was "missing a big opportunity" by not using a technological solution to draw more business directly.
  • Military mutual insurer USAA will test the appetite for working layer risk with its latest Residential Re cat bond, which includes a tranche of notes that would be one of the riskiest deals ever offered on the insurance-linked securities market.
  • Some insurance-linked securities (ILS) investors are changing their strategies in the face of the "ruthless" pricing pressure in the cat bond market and are instead refocusing towards more illiquid - but potentially better priced - collateralised reinsurance opportunities.
  • Rising marine rates have attracted ILS investors but they otherwise show limited interest in venturing beyond the catastrophe perils that make up the bulk of their portfolios, according to a leading ILS fund manager.
  • RenaissanceRe expects to reduce its top line gross premiums by circa 10 percent next year because of continued price competition.
  • Scor is in the early stages of talking to investors about a proposed retro sidecar for 2014, sister publication Trading Risk has revealed.
  • The Insurance Insider provides comprehensive analysis of the Bermudians' recent third quarter results...