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September 2013/4

  • Legacy-to-live specialist Enstar Group has completed the takeover of Arden Reinsurance in collaboration with private equity firm Stone Point.
  • Weekly share price movements and key data on The Insurance Insider's universe of P&C (re)insurers and brokers
  • The CEO and chairman of Riverstone, Nick Bentley, has said that having live operations within the Fairfax Financial Holdings group allowed it to be more competitive in its ASI bid
  • The UK Prudential Regulation Authority has issued two surprise proposals that could block the use of solvent schemes of arrangement and impose higher capital requirements for capital extractions
  • Scor is attempting to open up the French property cat reinsurance market by mounting a legal challenge against the quasi-monopoly of CCR
  • A UK court ruled last week that the police must compensate insurers RSA and Mitsui Sumitomo for millions of pounds in claims they paid out after a Sony distribution warehouse in north London was damaged during the 2011 riots.
  • Bermudian (re)insurer Arch has reached a $42mn settlement with the Tennessee Valley Authority, ending the first of three on-going coverage disputes relating to a toxic waste spill deemed to be among the largest in US history
  • A New York district court approved General Reinsurance Company's $72mn settlement with American International Group (AIG) shareholders over long-running claims that it was involved in bogus reinsurance deals and accounting fraud.
  • The European Parliament has postponed a key vote on the proposed Solvency II capital regime for insurers from October to 11 March 2014
  • A panel of UK lawmakers has delayed the publication of a list of insurers and other firms that used rogue private investigators to illegally gather information about their customers until next month at the earliest.
  • Benjamin Lawsky, the increasingly activist New York financial services superintendent, has threatened to pull New York out of the state-wide system of life insurance regulation outlined by the National Association of Insurance Commissioners (NAIC).
  • The UK's Prudential Regulation Authority (PRA), the branch of the Bank of England responsible for monitoring the stability of the financial system, is scrutinising the burgeoning insurance-linked securities (ILS) market amid concerns it could allow insurers to transfer risk too cheaply.
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