Reinsurance

India plans to set up a fund of up to $368.4 million to back local insurers in offering cover to refiners who process Iranian crude, three government sources said, as sanctions discourage global reinsurers from taking on the risk.

Effisoft, a reinsurance software vendor, is making a major push for North American business by setting up its North American headquarters in Dallas and founding Effisoft USA Inc. Based in Paris, the worldwide company has more than 300 clients in five continents and 15 countries, including the United States.

This year could see fewer tropical systems gaining hurricane strength than in 2012, but a greater number of storms might intensify to Category 3 or higher, according to a recent forecast.

Swiss Re has settled a dispute with Berkshire Hathaway over a 2010 life reinsurance deal and will receive a $610 million payment from Warren Buffett's company, the Swiss reinsurer said on Thursday.

Large-scale weather events in the U.S. dominated insurance losses in 2012, pushing global insured claims for the year to $77 billion, says a report from Swiss Re.

Reinsurance broker TigerRisk Partners has landed former Eqecat president Bill Keogh to become part of the firms Decision Support Team.