April 2015/3

Liberty Syndicates 4472 reported underwriting profit of £49mn for 2014 as reduced premium volume and increased costs masked an improved underlying loss ratio.

AmTrust's Syndicate 1206 posted an underwriting loss of £32mn for last year following a further deterioration in the carrier's liability book for 2013 and prior years.

QBE dramatically scaled back the amount of business it wrote at Lloyd's in 2014, with gross written premiums down by £347mn ($507mn) compared to the previous year.

Lloyd's carriers are writing at close to a "zero profit margin" on non-catastrophe business and "hoping for the best", according to two executives at respected Lloyd's independent MAP.

Majority owner White Mountains has been approaching companies about acquiring its stake in listed US specialty insurer OneBeacon, although there is scepticism in banking circles that it will find a bidder that meets its price expectations.

The Insurance Regulatory and Development Authority (Irda) of India has released draft regulation detailing the approval process for foreign reinsurers looking to open a branch office in the country.

Insurers must be prepared to let go of old business models in order to tackle emerging risks and remain relevant, according to Mike McGavick, chairman of the Geneva Association and CEO of XL Group.

Dual opens Netherland's office; Barbican Lloyd's legacy; Hiscox CFO departs; Lloyd's set to write Shariah risk; Faraday merges platforms; Argo drops quota share; Ironshore's energy increase; St Bernard results; Moore Stephens merger; Cunningham Lindsey appoints; Low hurricane activity forecast; AIG appoints CTO; Ace mis-selling inquiry; Brexit risk; US winter losses; United Q1 cat losses; Niklas costliest cat event

XL's Lloyd's business has signed up for the downstream half of Marsh's follow-form energy facility Project Blue, according to a note in its syndicate accounts.

Philip Turner, head of specie at Marsh, has resigned to join Sompo's international specialty arm Canopius, The Insurance Insider can reveal.

The major heist at a Hatton Garden safe deposit facility over the Easter weekend is likely to result in an insurance loss of less than £50mn, despite the £200mn figure bandied about by mainstream media in the wake of the raid, The Insurance Insider understands.

Lloyd's managing agent Marketform has hired a seven-strong M&A insurance team from Ironshore-owned Pembroke, The Insurance Insider can reveal.