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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.
  • 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.
  • ICP Ltd, a proposed new investment vehicle specialising in the Lloyd’s sector, has effectively withdrawn its plan to IPO on London Stock Exchange’s Alternative Investment Market (AIM) after failing to raise sufficient funds.
  • The relentless quest by (re)insurers to manage down their reinsurance exposures has inspired a new approach to crystallising the industry's recoverables.
  • German reinsurer R+V was awarded EUR3,528,357 in damages on 10 July from the former Lloyd's-based managing agency Risk in the latest round of their long-running dispute.
  • Bermudian giant XL Capital announced the latest step in a series of organisational changes on 1 August with plans to develop an integrated European platform for its reinsurance operations.
  • As exclusively revealed by our sister title Insider Week on 24 July, Aeolus Re is to become the latest reinsurer to begin operations on Bermuda following the raising of $500mn of capital.
  • Arrival of Sirocco Re and Timicuan Re takes post-Katrina sidecars over $3bn Lancashire Holdings became the latest company to launch a sidecar with Sirocco Re, a $95mn capitalised vehicle, which will write a quota share of the "Class of 2005"...
  • 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.
  • Private equity firm Stone Point Capital LLC is close to completing the buy-out of Alexander Forbes' International Operations, The Insurance Insider can reveal.
  • The Competition Commission is holding an inquiry into Hampden Private Capital’s acquisition of the Names' advisory business of CBS Private Capital.
  • In a potentially pioneering transaction, Lloyd's syndicates will have access to a pool of securitised reinsurance capacity next year following the launch of Thunderbird Re, a Cayman Islands domiciled special purpose reinsurer.