Legal & regulation

Eiopa’s Bernardino requests more powers

Fri, 24 May 2013 00:00:00 GMT

European Insurance and Occupational Pensions Authority calls increase in operational independence, a reinforcement of its independent challenging role towards National Competent Authorities and an enhancement of its mandate and powers.

Reactions Latin America Awards winners revealed

Thu, 23 May 2013 00:00:00 GMT

The first-ever Reactions Latin America Awards were revealed on May 22 in Miami. A mix of domestic and international firms scooped trophies including Sura, Itaú, ASSA, GNP, Sancor, Munich Re, Swiss Re, Patria Re, Barents Re, IRB-Brasil Re, Aon, Aon Benfield.

RIMS fights reinsurer tax loophole closure

Thu, 23 May 2013 00:00:00 GMT

A US proposal to close reinsurance loophole for foreign insurers is deemed “short sighted” and potentially costing US consumers billions by RIMS.

Berkley demands tax ‘level playing field’

Wed, 22 May 2013 00:00:00 GMT

A bill closing a loophole allowing foreign insurers to avoid US tax by operating through reinsurance vehicles in tax heavens is gathering industry support.

MetLife to repatriate offshore reinsurance unit

Wed, 22 May 2013 00:00:00 GMT

MetLife will move some of its offshore reinsurance back to the US in order to make its business more transparent, according to the New York Times. The move has pleased regulators but underwhelmed the stock market.

SII solvency ratios may have complex volatility

Wed, 22 May 2013 00:00:00 GMT

An EIOPA study will lead to relatively generous discounting of liabilities being allowed under Solvency II, says rating agency, Moody’s.

China new solvency regime is credit positive

Mon, 20 May 2013 00:00:00 GMT

Moody’s reports that China's new framework’s concept, principle and content is concurrent with international standards in that it moves to a risk-focused regime from one focused on size, which is credit positive for Chinese insurers.

Midwest Re/Insurance Conference slides

Mon, 20 May 2013 00:00:00 GMT

The presentations from the Reactions Midwest Re/Insurance Conference, held in Chicago on April 30, are now available as well as coverage from the event including a keynote from Ryan Specialty Group's Pat Ryan.

Political turmoil threatens Bahrain hub status

Fri, 17 May 2013 00:00:00 GMT

Despite being hardest hit by political instability in the Middle East, Bahrain’s insurance industry is flourishing, partly because it’s less oil-dependent than its neighbours.

Reinsurers find LatAm regulation “puzzling”

Fri, 17 May 2013 00:00:00 GMT

Region Profile: Economic growth, a need for capacity, and diverse investment opportunities lure foreign insurers and reinsurers to Latin America but the region offers challenges from changing regulations, political instability and a shifting reinsurance market.

Insurers speculate over content of FIO report

Thu, 16 May 2013 00:00:00 GMT

US insurance and reinsurance firms are calm about the potential contents of the Federal Insurance Office’s regulation modernisation report but worry it will not make the system more efficient, while some predict increasing tensions between the FIO and NAIC.

Overcoming Tria hostility an “uphill battle”

Thu, 16 May 2013 00:00:00 GMT

Opposition to renewing the Terrorism Risk Insurance Act from the chairman of the House Financial Services Committee will make it very hard for an extension of the terrorism insurance backstop to get passed despite insurance and reinsurance firms’ optimism.

India mulls nat cat insurance scheme

Wed, 15 May 2013 00:00:00 GMT

India’s prime minister, Manmohan Singh, has indicated he is in favour of setting up a mechanism to provide added insurance protection against natural catastrophes in the South Asian country.

Vote for the Reactions Global Awards 2013

Wed, 15 May 2013 00:00:00 GMT

Have your say on the the best insurance, reinsurance, broking and service provider firms for the Reactions Global Awards 2013. The winners will be anounced at our awards dinner in New York on September 25.

Tokio Millennium Re in Switzerland redomicile

Tue, 14 May 2013 00:00:00 GMT

Tokio Millennium Re announces plans to redomesticate to Switzerland, with the reinsurer also planning to establish an operation in the US in the second quarter of 2014.

Axa and Zurich get Chinese approval

Mon, 13 May 2013 00:00:00 GMT

French insurer, Axa, and Swiss rival Zurich have received regulatory approvals to expand business lines in China, after both buying large stakes in Chinese firms.

Cat models, capital models to integrate: PwC

Fri, 10 May 2013 00:00:00 GMT

PwC is working with UK and London market insurance market clients to reduce a “communications gap” between the development of catastrophe risk models and capital models introduced under regulatory pressure.

Tria uncertainty disrupting workers’ comp writers

Fri, 10 May 2013 00:00:00 GMT

Workers’ compensation insurers are abandoning some decades-old relationships because of the uncertainty over the future of the Terrorism Risk Insurance Act, according to Tom Fitzgerald, CEO of Aon Risk Solutions’ US retail operations.

New regulations have mixed credit effects

Thu, 09 May 2013 00:00:00 GMT

New regulatory regimes could have both positive and negative credit implications for insurers, according to a new report released today by Moody's.

Starr granted Philippines licence

Thu, 09 May 2013 00:00:00 GMT

Starr International Insurance (Asia) Limited is granted a licence in the Philippines.

Willis blog slates passive risk management

Wed, 08 May 2013 00:00:00 GMT

A blog from Willis has slated risk management systems without tangible action points, but "active risk management will not be an easy transition", says the broker.

Regulators fuel Asian non-life consolidation

Tue, 07 May 2013 00:00:00 GMT

A lack of capital is causing consolidation among South East Asian insurers, despite a booming economy and increasing non-life demand, according to an AM Best report.

Fitch warns of higher rates if Tria expires

Mon, 06 May 2013 00:00:00 GMT

Legislation that would extend the Terrorism Risk Insurance Act through 2019 in the US House of Representatives “is likely the opening act of a tough legislative battle”, warns Fitch, adding commercial insurance pricing will increase if Tria is not renewed.

D&O rate hikes catching up broader market

Fri, 03 May 2013 00:00:00 GMT

Fitch report reveals the biggest US directors' and officers' liability insurance insurers, and predicts FDIC-related litigation and lawsuits related to Libor manipulation could spur potentially large settlements.

Healthy horsemeat saves insurers' bacon

Fri, 03 May 2013 00:00:00 GMT

Insurers have yet to pay out any claims over the horse meat scandal, partly because horse meat is generally much healthier than beef.

Florida passes bill to shrink Citizens

Thu, 02 May 2013 00:00:00 GMT

Bill to steer Citizens policies to the private market passed but PCI warns “Citizens remains too large and still exposes Florida policyholders to a hurricane tax”.

Latin America Awards nominees revealed

Thu, 02 May 2013 00:00:00 GMT

Nominees unveiled for the Reactions Latin America Awards 2013, highlighting the best insurance, reinsurance, brokerage and service provider firms. They will be announced at the 2nd Annual Latin American (Re)insurance Forum in Miami on May 22.

Clyde and Co reaches 295 partners

Wed, 01 May 2013 00:00:00 GMT

Seven lawyers being promoted to Clyde and Co’s partnership and six equity partners becoming senior equity partners reflects “continuing growth”, says the firm.

Insurance and Reinsurance Legal Survey 2013

Wed, 01 May 2013 00:00:00 GMT

Reactions reveals the top insurance and reinsurance law firms in the industry. In-house general counsel also reveal what they want to see from their legal partners in the coming year, how legal spend is changing and how fee structures are evolving.

Terrorism insurance demand strong - Marsh

Wed, 01 May 2013 00:00:00 GMT

Marsh says federal backstop has kept demand for terrorism insurance strong, at a time when Congress is debating the reauthorisation of the Terrorism Risk Insurance Program Reauthorization Act.