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  • AIG, Ace, CNA and Chubb are among the insurers that look set to take losses as Tower's $100mn directors' and officers' (D&O) cover threatens to be overwhelmed by class action lawsuits on its calamitous under-reserving, this week's edition of The Insurance Insider reveals.
  • Plans to develop and implement new capital rules for the global insurance industry put forward by International Association of Insurance Supervisors (IAIS) have been criticised by industry bodies.
  • US insurer Assurant has agreed to trim its lender-placed home insurance rates in Florida by 10 percent after talks with the state insurance regulator, it announced last week.
  • In the latest development in a complex and long-running dispute relating to a facultative reinsurance of Costa Rican insurer Instituto Nacional de Seguros (INS), a Miami judge last week gave broker Hemispheric Reinsurance Group (HRG) permission to sue Howden for punitive damages in a cross-claim.
  • Shipowners are facing significant general premium increases at the 20 February 2014 protection and indemnity (P&I) renewals, two major P&I brokers have estimated in separate sector reports published early last week.
  • Comments by Nephila co-founder Frank Majors on investor return requirements are bad news for any carriers relying on "fat" US catastrophe profits, according to Keefe Bruyette & Woods analyst Chris Hitchings.
  • Rates in the upstream and downstream energy market are under pressure while even price increases in offshore casualty have dried up, said Lloyd & Partners in its quarterly report on the energy sector released earlier this month.
  • US property insurance rates will come under downward pricing pressure in 2014 due in part to the impact of new capacity that continues to be attracted to the sector, according to global broker Willis.
  • Benign catastrophe losses, modest book value growth and earnings in excess of initial analyst forecasts are all expected to be themes in the imminent third quarter reporting season.
  • The private equity arm of Goldman Sachs has bought a 50 percent stake in UK motor insurer Hastings Direct in a deal that values the company at about £700mn ($1.12bn) including debt.