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September 2012/5

  • 2012 M&A transactions
  • Valuations for (re)insurers in The Insurance Insider's P&C universe
  • Weekly share price movements and key data on The Insurance Insider's universe of P&C (re)insurers and brokers
  • Up-for-sale run-off acquirer and (re)insurance services provider Tawa reminded potential suitors that it remains a work-in-progress after reporting a first-half loss of $6.5mn.
  • Tawa has continued to divest non-core portfolios with an agreement to sell two of its run-off subsidiaries to the acquisitive Bermudian Catalina for $28mn, while still pursuing a full sale of the business.
  • Former AIG chief executive Maurice "Hank" Greenberg and his company Starr International have been given the go-ahead to pursue a case against the US government involving American International Group (AIG)'s $85bn bailout.
  • The Louisiana Citizens Property Insurance Corporation board has unanimously voted to settle two long-running, class-action lawsuits linked to claims handling from hurricanes Katrina and Rita for $61mn.
  • White Mountains is suing Allstate for allegedly lowering the final purchase price for Esurance inappropriately when it bought the firm in mid-2011.
  • Regulatory initiatives under Solvency II and the US Solvency Modernization Initiative (SMI) have been challenged, after a study found that the losses stemming from natural catastrophes do not justify higher capital reserves for insurers.
  • The European Parliament and the Council of the European Union have asked the European Commission to review the Solvency II timetable, adding to speculation that the regime's go-live date could be delayed by one year, The Insurance Insider understands.
  • As pension funds groan under the liabilities of ageing Western populations, Swiss Re has warned that the (re)insurance industry needs the scale of the capital markets to absorb some of the challenges of the longevity market.
  • Munich Re has been talking to investors and alternative funds managers about becoming partners for a potential insurance-linked securities (ILS) fund management venture, the company confirmed last week.
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