September 2012/5

With Solvency II forcing a rethink on capital structures, the miserly yield environment has opened a new door for European (re)insurers looking to attract funding.

After withdrawing its planned autumn IPO because of differences of opinion with investors over its value, the German (re)insurance group Talanx made a volte face last week and is now expected to list on the Frankfurt Stock Exchange on 2 October.

Stocks in the European (re)insurance industry have outperformed the continent's banking sector and the wider market so far in 2012, although banking has closed the gap in recent weeks.

With almost three quarters of the year gone, the European (re)insurance sector has performed strongly, with only Mapfre in the red for the year to date.

Improving pricing in non-catastrophe lines would prove the value of Amlin's diversification strategy and enable it to take on more cat risk and grow profitably, said senior management at the Lloyd's (re)insurer last week.

Excess capital in the reinsurance market is seeking out opportunities to back managing general underwriters (MGUs) in the buoyant surplus lines sector, according to Ryan Specialty Group (RSG) supremo Pat Ryan.

Profitability in the US private company and non-profit directors' and officers' (D&O) market remains challenged as moderate rate increases and strong growth opportunities are offset by loss activity and heightened competition.

Shipowners should steel themselves for increases in their 2013 protection and indemnity (P&I) club membership but there will be substantial variations in the hikes.

AmWINS' UK subsidiary THB delivered top and bottom-line growth on an underlying basis in the period to 31 October 2011.

As London-headquartered THB's acquisition by US wholesaler AmWINS beds in and the integration of the Colemont International subsidiary into THB approaches completion, the heads of the respective firms have explained that the M&A trail continues to be very much open for the group on both sides of the Atlantic.

Reinsurance buying patterns have shifted towards bundled risk spread across multiple territories - driving down demand and exposing reinsurers to surprise financial shocks, an industry-backed study has found.

Cash-strapped French mutual Groupama finally sold its UK insurance arm last week but has still to find buyers for its various broking businesses.