August 2006/2

SCOR is facing further legal action in its long-running dispute with Highfields investment funds, the former main minority shareholder in IRP Holdings Limited, the Dublin-based quota share sidecar it established in the aftermath of 9/11.

ICP Ltd, a proposed new investment vehicle specialising in the Lloyd’s sector, has effectively withdrawn its plan to IPO on London Stock Exchange’s Alternative Investment Market (AIM) after failing to raise sufficient funds.

Michael Wade continues to look at options for the proposed reinsurance venture, Tiger Re that, if successful, could see the veteran Lloyd’s figure return once again to the London market.

Berkshire Hathaway more than doubled its reinsurance business in the first half of 2006 as it exploited the capacity crunch felt for US property catastrophe business.

GCFac, the facultative arm of reinsurance broker Guy Carpenter, has bolstered its ranks with the launch of a structured risk team headed by former Jardine Lloyd Thompson (JLT) broker John Lobek.

Swiss reinsurer Converium continues its recovery with another improved quarterly performance, reporting net income of $62.5mn on 8 August, compared with $46.9mn in the prior-year period.

Private equity firm Stone Point Capital LLC is close to completing the buy-out of Alexander Forbes' International Operations, The Insurance Insider can reveal.

Willis Group has confirmed that it has recruited a team of Jardine Lloyd Thompson's (JLT) Financial and Professional lines brokers led by Julian Martin, the recent leader of JLT's UK D&O team.

German reinsurer Munich Re announced half-year profits of EUR2.1bn, a leap of 143 percent from last year, driven by both strong underwriting and investment returns.

The Competition Commission is holding an inquiry into Hampden Private Capital’s acquisition of the Names' advisory business of CBS Private Capital.

Fast expanding Lloyd's (re)insurer Ascot Underwriting is considering setting up an overseas operation to ease the penetration of its products into new markets.

Lloyd's has upped the ante in the search for a new approach to the annual venture capital structure with the establishment of a working party of leading market figures to address the issue.