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ICP Ltd, a proposed new investment vehicle specialising in the Lloyd’s sector, has effectively withdrawn its plan to IPO on London Stock Exchange’s Alternative Investment Market (AIM) after failing to raise sufficient funds.

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.

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.

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...

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.

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.

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.

The decision by Aon Ltd to outsource its entire back office Client Operations division could provide the framework for a new approach by London market brokers to processing their business.

The proposed Part VII transfer to move business out of Winterthur Swiss Insurance Company has run into objections in the High Court.