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Suncorp confirms cat programme restructure
Suncorp has released an update on its cat reinsurance renewal, confirming many of the details revealed by The Insurance Insider over the past month.
16 July 2012
LMA proposes binder wording rationalisation
The Lloyd's Market Association (LMA) is rationalising the market's model binding authority agreements.
16 July 2012
Private equity back for Direct Line
In an apparent re-run of the group's abortive first sale process in 2008-09, UK media reports that private equity houses are again circling Royal Bank of Scotland (RBS)'s personal lines insurance group Direct Line
16 July 2012
Libor scandal banks face billions in settlements and fines: Morgan Stanley
Eleven global banks linked to the Libor rate-fixing scandal could face more than $15bn in aggregate regulatory fines and settlement of litigation brought by investors and counterparties, according to estimates from Morgan Stanley.
14 July 2012
Solvency II delay fears after EU talks break down
There are fears that the European Union may have to push back the January 2014 launch of its Solvency II capital regime after talks on a final draft of the new framework failed ahead of the start of the EU parliamentary summer break.
14 July 2012
US tornado losses drive $12bn H1 cat bill
Five outbreaks of US tornadoes accounted for almost half of the $12bn tally of global natural catastrophe losses hitting (re)insurers in the first half of 2012.
13 July 2012
FRBNY to wind up Maiden Lane III with $11.9bn asset sale
The Federal Reserve Bank of New York (FRBNY) has requested bids for 20 securities contained within the Maiden Lane III portfolio in a move that could herald the completion of the bank's attempt to wind down its bailout of American International Group (AIG).
13 July 2012
Eqecat to launch model overhaul in October
Catastrophe risk modeller Eqecat is set to launch a complete and fundamental overhaul of its modelling software with the launch of RQE in October this year.
13 July 2012
Zenkyoren declares $12bn total loss on world’s biggest cat programme
Japanese agricultural mutual Zenkyoren has increased its ground-up loss notification for last year's Tohoku quake from 890bn yen ($11.2bn) to 955bn yen ($12.0bn) to exhaust its vast open market cat programme
13 July 2012
Congressman queries role of NAIC
A US congressman has accused the US National Association of Insurance Commissioners (NAIC) of acting beyond its powers, and urged the newly created Federal Insurance Office (FIO) to review its role.
12 July 2012
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