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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  • ICP Ltd, a proposed new investment vehicle specialising in the Lloyd’s sector, has effectively withdrawn its plan to IPO on London Stock Exchange’s Alternative Investment Market (AIM) after failing to raise sufficient funds.
  • 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.
  • Island's (re)insurers enjoy soaring property cat rates in benign quarter, some KRW deterioration ACE sets scene with strong second quarter Bermudian-headquartered ACE Ltd revealed a strong second quarter on 25 July with net income...
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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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