August 2006/2
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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.
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ICP Ltd, a proposed new investment vehicle specialising in the Lloyd’s sector, has effectively withdrawn its plan to IPO on London Stock Exchange’s Alternative Investment Market (AIM) after failing to raise sufficient funds.
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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.
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Beleaguered Bermudian reinsurer PXRE Group admitted it was heading towards run-off after announcing on 8 August that its net income had slipped to a mere $2.1mn for the second quarter.
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The relentless quest by (re)insurers to manage down their reinsurance exposures has inspired a new approach to crystallising the industry's recoverables.
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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.
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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.
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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"...
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The proposed Part VII transfer to move business out of Winterthur Swiss Insurance Company has run into objections in the High Court.
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The proposed manager of the WFUM Pools Scheme of Arrangement, PRO Insurance Solutions, has issued scheme documentation and announced that the creditor voting meetings will take place on 27 October 2006.
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The stretched Florida insurance market has received some light relief with the announcement of a proposed state-run insurance pool along with the lowering of some of this year's hurricane predictions.
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Jardine Lloyd Thompson Group plc (JLT) plans to overhaul its staff pension scheme in a bid to reduce the £146mn deficit which hangs over the company.
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