NEWS IN BRIEF

Chicago-based multiline insurer Kemper... has estimated its pre-tax catastrophe losses for the first two months of Q2 at $40m to $50m, saying that none of those losses will be covered by its catastrophe reinsurance programme. The group said the greatest losses were generated by wind and hail storms in May, hitting customers in Montana, Pennsylvania, Illinois, and the Carolinas. Lance Armstrong has lost his bid to stop arbitration… that could see the disgraced cyclist re-pay $12m in bonuses to Dallas-based sports insurer SCA Promotions. On Friday, The Texas Supreme Court denied a request by lawyers for Lance Armstrong to block the insurer re-opening an arbitration agreement in which the firm paid the bonuses for a record breaking string of Tour de France victories. Since the original arbitration agreement Mr Armstrong has been stripped of his titles after a US Anti-Doping investigation. Ohio-based p/c group State Automobile Mutual Insurance... has acquired Partners General Insurance Agency, a California-based managing general underwriter that specializes in excess and surplus lines general liability and excess liability cover. Terms of the deal were not disclosed. Cargo theft remains a major problem in Mexico… despite fewer hijackings during the first quarter of this year, according to a FreightWatch report. Hijackings accounted for just 14% of all cargo thefts in the quarter, down from 61% in the first quarter of 2013. The risk is greatest around Mexico City and Saltillo, Coahuila state, Mexico City and Veracruz and Irapuato and Celaya in Guanajuato state. Old Mutual plc… has completed its sale of Skandia Poland to Vienna Insurance Group AG. The sale was announced on November 12, 2013, and is part of efforts to simplify Old Mutual Wealth's operations in Europe and focus on a number of core growth markets. Shares in National Accident Helpline…. began trading on the AIM market of the London Stock Exchange last week. The company provides legal services to the UK personal injury market. Malaysia-based takaful insurer… Etiqa Takaful Bhd has raised 300 million Malaysian ringgit through an Islamic bond, the first from an Islamic insurer, according to Reuters. The proceeds will go toward funding general business operations and working capital, it said. The state of Israel has extended guarantees… to two export credit insurers. The government guarantee for state owned trade export insurer Ashra expanded by $550m while the guarantee for Euler Hermes affiliate The Israel Foreign Trade Risks Insurance Corporation Ltd and Israeli Credit Insurance Company was expanded $300m. The move will see government and private insurers share medium and long term trade credit risks. Ratings agency AM Best… has changed its outlook on the ratings of Honolulu, Hawaii-based DTRIC Insurance Company Ltd to negative from stable. The financial strength rating was affirmed at A. The rating outlook reflects DTRIC’s deterioration in underwriting results, decline in capitalization in recent years and relatively high underwriting leverage, it said. The ratings outlook… of China Taiping Insurance (Singapore) Pte… has been revised to positive from stable by AM Best. It also affirmed the financial strength rating of A-. The revised rating outlook reflects CTIS’ solid risk-adjusted capitalization, consistently profitable underwriting performance and enhanced enterprise risk management, it said. Mike Krefta... has been named chief underwriting officer of the Hiscox Re arm of Bermudian specialty re/insurer Hiscox to oversee its underwriting teams in Bermuda, London and Paris. Mr Krefta has been with Hiscox since 2003, most recently serving as Hiscox Re’s director of non-marine underwriting in London. AM Best Co... has upgraded the issuer credit rating of State Farm General Insurance to a+ from a and affirmed its A (excellent) financial strength rating, citing its strong risk-adjusted capitalization, continued favourable earnings trend, excellent business profile and its strategic importance to parent State Farm Mutual Automobile Insurance.