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ICP Ltd, a proposed new investment vehicle specialising in the Lloyd’s sector, has effectively withdrawn its plan to IPO on London Stock Exchange’s Alternative Investment Market (AIM) after failing to raise sufficient funds.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

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.

Aon Corp has overtaken Marsh Inc to become the world's largest (re)insurance broker by brokerage revenues - at least that is the claim of the Chicago-headquartered broker.

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.

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.

Chubb records 'outstanding' quarter US insurer Chubb Corp reported an "outstanding" second quarter of 2006 with net income rising to $598mn, compared to $495mn for the prior-year period.

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.

AIG profits drop 29 percent; Hannover Re contemplates Scottish Re bid; Allianz raises forecasts on strong second quarter; Fairfax shares fall; Odyssey Re misses SEC filing deadline; MMC continues to face Spitzer spectre; et al:

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.

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.

AM Best affirms Lloyd's ratings; Heritage latest Lloyd's insurer to list on AIM; Boucher quits Endurance; Lloyd's insurers continue capacity buy-outs; Strong half for R&SA; Gallagher recruits Battman; Central Fund levy forecast to fall in 2008; et al: