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September 2014/4

  • Weekly share price data on The Insurance Insider's universe of P&C (re)insurers
  • Global P&C (re)insurance stocks weakened last week, with our index of 31 publicly listed carriers - The Insider 30 - falling back by 56 basis points to mirror the movement of wider benchmark stock market indices
  • The Corporation of Lloyd's and London-headquartered broker JLT have been added as advisers to the board of Placing Platform Ltd (PPL), the body tasked with commissioning an electronic placing platform for the London market, The Insurance Insider has learned
  • ERS (formerly Equity Red Star) Syndicate 218 remains on "red" status at Lloyd's for its Solvency II readiness, meaning there are still major issues to be dealt with before it can be deemed compliant with the capital regime
  • The Bank of England will not hesitate to refuse approval of internal models required for compliance with the European Union's Solvency II capital regime if they are "inadequate or opaque", governor Mark Carney said last week
  • Bermuda-based run-off buyer Catalina has agreed to acquire Danielson Indemnity Company, the holding company for a pair of Californian workers' compensation and motor carriers, from Covanta Holdings
  • Litigators for Maurice "Hank" Greenberg took to the stand in a Washington DC federal court yesterday (29 September) to open a $40bn case brought against the US government over its 2008 bailout of his former company AIG.
  • Amtrak is suing a number of insurers for failing to fully pay a bill estimated at over $504mn for losses caused by Superstorm Sandy.
  • The protection and indemnity (P&I) clubs within the International Group (IG) are aiming for an overall pool retention of $100mn on the vast reinsurance treaty they buy, according to a sector report from independent Lloyd's broker Tysers.
  • Capacity levels in the aviation hull war market stand at 175 percent, global broker Willis said last week (25 September).
  • Lloyd's last week reported a 21 percent jump in first half pre-tax profits to a five-year high of £1.67bn, as investment returns recovered to more historic levels
  • Alternative capital could take a 50 percent or greater share of global property cat limit in the future as the insurance-linked securities investor base continues to grow, according to Fermat Capital managing principal Brett Houghton.