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September 2013/5

  • Weekly share price movements and key data on The Insurance Insider's universe of P&C (re)insurers and brokers
  • The impact of selling KX Re to Catalina has pushed Tawa plc, the legacy-to-live firm backed by billionaires Francois Pinault and Lakshmi Mittal, to a $27mn group loss for the half-year
  • Legacy acquisition firm Catalina has agreed to purchase the run-off reinsurer Alea Group from New York buyout firm Fortress Investment Group for an undisclosed sum.
  • New York Governor Andrew Cuomo has proposed new legislation to regulate the controversial force-placed insurance sector in the state
  • The Financial Services Commission of Gibraltar (FSCG) said it is paying increased attention to the reinsurance arrangements of Gibraltar insurers, especially those that involve significant cessions to reinsurers domiciled outside the European Economic Area (EEA).
  • The Bermuda Monetary Authority (BMA) is the first insurance supervisory authority to agree to participate in the US National Association of Insurance Commissioners (NAIC)'s qualified jurisdiction process.
  • UK annuity provider Partnership Assurance Group confirmed that it is under investigation by the Financial Conduct Authority (FCA) for inducements, after a week in which its share price fell sharply.
  • A crucial exclusion used in directors' and officers' (D&O) policies has been upheld in a case involving the Federal Deposit Insurance Corporation (FDIC)
  • The Federal Reserve Bank of New York has requested that the Court of Appeals throw out an appeal by Starr International Company against a ruling over the $100bn bailout of AIG
  • World Trade Center leaseholder Larry Silverstein is not entitled to any of the subrogated claims money paid to insurers by airlines over the 9/11 attacks, a court ruled last week
  • Greg Richardson has become acting head of retro property reinsurance at Markel Global Reinsurance, just three months after leaving Alterra when it was acquired by Markel
  • Deutsche Bank Asset & Wealth Management has added to its new ILS team with former Lockton Re broker Adam Sayers