September 2013/6

Both the downstream and upstream energy markets are likely to be under pressure going into 2014 amid a surplus of capacity chasing a limited amount of premium, according to Willis.

Legacy acquirers Enstar and Catalina held takeover talks with stricken US (re)insurer Tower Group after the company's share price continued to weaken dramatically amid uncertainty over the size of its reserving black hole, The Insurance Insider can reveal.

The California Earthquake Authority (CEA)'s risk transfer programme for 1 August decreased limit by 8 percent to a total of $3.1bn, driven mainly by a reduction in collateralised participation, according to August meeting documents published last week.

The outlook for continued rate hardening in the excess and surplus (E&S) lines markets appears to be diminishing amid an abundance of capital and capacity, according to underwriters and brokers attending the Napslo conference in San Diego.

Medical malpractice specialist ProAssurance announced last week that it has agreed to acquire workers' compensation writer Eastern Insurance Holdings in an all-cash deal that values Eastern at $205mn.

Bailed-out Spanish lender Bankia has sold a 12 percent equity stake in Mapfre, the country's biggest insurer, raising about EUR1bn and reducing its holding in the company to just 3 percent.

Liberty restructure, Lloyd's losses, Amlin downgrade, Gulf boom, Aviva reshuffle, Axa buyout and Aon down under

Dublin-domiciled (re)insurer XL Group has said it expects to absorb a net loss of $60mn from severe hailstorms that struck Germany in late July, confirming its status as one of the costliest weather-related events so far in 2013.

Germany's third-biggest insurance group, Talanx, is actively looking for acquisitions in Mexico, Brazil, Poland and Turkey, and will rely on equity investors to finance any deal worth more than EUR180mn ($241mn), its chief executive explained last week.

French insurer Covea's EUR800mn catastrophe reinsurance treaty will renew tomorrow (1 October) with a 5-10 percent risk-adjusted rate reduction, The Insurance Insider understands.

Validus Holdings is launching a Swiss platform with the existing operations of Flagstone Reassurance Suisse that were inherited when it acquired its fellow class of 2005 (re)insurer last year.

It's easy to forget how spoiled we are in this global business of ours. All the main operational hubs of the global P&C (re)insurance sector are also desirable locations in which to live and work.