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ICP Ltd, a proposed new investment vehicle specialising in the Lloyd’s sector, has effectively withdrawn its plan to IPO on London Stock Exchange’s Alternative Investment Market (AIM) after failing to raise sufficient funds.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