August 2010/4

Fresh from securing an impressive price for the small European reinsurer Secura, Willis' M&A team has won another mandate.

Losses may be accelerating for motor underwriters (see story 23) but there were bright spots for Lloyd's investors in the mid-year updated syndicate forecasts.

Jamie Lewis has resigned from RenaissanceRe after the Bermudian reinsurer replaced him as active underwriter on its Lloyd's Syndicate 1458.

Lloyd's insurers are enjoying better loss ratios despite the enervating effects of the soft market, if the industry's heavy cat loss burden is stripped out from the first half of the year.

Lloyd's motor underwriter Equity Redstar's losses on the 2008 and 2009 years of account could mount as high as £330mn.

Lord Levene of Portsoken's new banking venture, NBNK Investments, will compensate Lloyd's in full for any work time that he diverts from the Corporation to his new duties, The Insurance Insider has learnt.

Alterra-managed Syndicate 2526 is planning to expand its capacity by almost 60 percent for 2011, The Insurance Insider can reveal.

Lloyd's managing agent RJ Kiln has halved capacity at its property catastrophe Syndicate 557 to £60mn for 2011, despite forecasts of an active hurricane season in the US this year.

IT giant Hewlett Packard's (HP) independent subsidiary MphasiS is in advanced negotiations to buy Ri3K, with due diligence half-completed, The Insurance Insider understands.

American International Group (AIG) has pumped the proceeds of nearly $4bn received from International Lease Finance Corporation (ILFC) into its Federal Reserve Bank of New York (FRBNY) revolving credit facility.

Catherine Murray, a leading London market specialty (re)insurance producer, has left RK Harrison.  

Ex-Glencairn chief executive Nick Cook has held talks with BMS about joining the Lloyd's broker on completion of his "gardening leave", The Insurance Insider can reveal.