Share on Facebook Share on Twitter Share on Google+ Share on Linkedin Monday Morning Headlines are compiled by SNL Insurance and produced by WRIN.tv as a weekly video digest of the news making headlines in the U.S. Insurance industry. In this edition of Monday Morning Headlines: Industry News Congress reauthorizes TRIA through 2020 Congress passed a bill reauthorizing the Terrorism Risk Insurance Act through 2020, setting up the reinstatement of a federal program designed to support insurers writing terrorism risk coverage. The legislation won broad support in the House and Senate, but was not without controversy: Senate Democrats criticized a provision that would roll back Dodd-Frank Act regulations. The rollback was a key reason that Congress failed to reauthorize TRIA last year and allowed it to lapse. Personal Lines FINRA to scrutinize L-Share Annuity practices and comp structures in 2015 FINRA said variable annuity sales practices and compensation structures will be a key focus in 2015. The independent regulator will particularly scrutinize the sale and marketing of so-called L-share annuities because these shares typically have shorter surrender periods but higher costs. Sellers include Lincoln Financial Group and The Hartford. Reinsurance & Capital Markets Guy Carp EMEA CEO says reinsurance is on verge of fundamental change The reinsurance industry is on the verge of a fundamental change in the way it operates, according to Nick Frankland, Guy Carpenter’s Europe, Middle East and Africa CEO. At a press briefing in London, Guy Carpenter said January 1 reinsurance renewals saw more softening across virtually all lines of business. Frankland referenced a “relentless” capital oversupply. Industry News SNL’s Q4 ‘14 Capital Markets & M&A Tables – Morgan Stanley & Goldman Sachs top advisers SNL published its fourth-quarter 2014 capital markets and M&A league tables. The number of M&A deals announced by insurance underwriters jumped in the fourth quarter to 28, compared to 15 deals in the third quarter of 2014 and 20 in the same period a year-ago. Deal value also grew to $5.12 billion. Morgan Stanley and Goldman Sachs were the top M&A financial advisers in the quarter. Industry News XL acquiring Catlin….will operate as “XL Catlin” XL Group is acquiring Catlin Group. The acquisition values the entire issued and to-be-issued share capital of Catlin at approximately £2.79 billion, or $4.21 billion. XL announced that it will operate under the “XL Catlin” trade name. Bonus Stories Rep. Blaine Luetkemeyer taking reins of Housing and Insurance Subcommittee from Neugebauer Rep. Blaine Luetkemeyer, R- Mo., has become chairman of the Subcommittee on Housing and Insurance for the House Financial Services Committee. He was previously vice chairman of the subcommittee. His predecessor, Rep. Randy Neugebauer, R-Texas, will now chair the Financial Institutions and Consumer Credit Subcommittee. The Hartford’s new CFO on the strategy, crucial decisions driving the insurer’s turnaround SNL spoke to The Hartford Financial Services Group CFO Beth Bombara about her role in transforming the company into a slimmer, P&C-focused insurer. Affiliation of growing, shrinking mutuals to enhance combined group’s geographic diversity SNL took a closer look at the impact of an affiliation of two upper Midwest-based mutual P&C companies, one of which has been broadening its business and the other of which has been narrowing its focus. The group of P&C companies led by Western National Mutual Insurance Co. expects to finalize the affiliation with Lansing, Mich.-based Michigan Millers Mutual Insurance Co. once it gets regulatory approval. SNL Insurance is a premier provider of insurance news, data and analysis. For more information about SNL’s insurance news coverage, visit the SNL Insurance website.