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August 2012/4

  • Any rival bidder seeking to derail Validus's agreed $623mn acquisition of Flagstone Re will have to prepare for a fight, Validus CEO Ed Noonan told The Insurance Insider
  • There is unlikely to be any payout from the Caribbean Catastrophe Risk Insurance Facility (CCRIF) due to the damage caused by Hurricane Isaac, the organisation has said.
  • Third Point Re - the 2012 reinsurance start-up capitalised with $780mn in private equity funding - is continuing to build its platform with a London office led by former Allied World executive Clare Himmer
  • AM Best has put its A- financial strength rating for SeaBright Insurance Holdings under review with negative implications following the news earlier this week that Enstar is to buy the US workers' compensation insurer
  • Expansionist Bermudian reinsurer Validus Holdings has reached an agreement to acquire Flagstone Re in a cash and share deal that values the company at 0.72x book value.
  • ANV's Lloyd's Syndicate 1861 is set to expand into the Accident & Health (A&H) market following the hire of a team from Travelers Syndicate Management.
  • London Stock Exchange-listed motor insurer Admiral increased pre-tax profits for the first six months of the year by 7 percent to £171.8mn, while growing turnover by 6 percent to £1.17bn
  • Onshore insured losses from Hurricane Isaac along the Gulf coast are expected to be in the range of $500mn to $1.5bn, according to modelling firm Eqecat.
  • Well regarded insurance equity analyst Chris Hitchings is set to join the boutique Lloyd's Names adviser, the Newton Follis Partnership as director of research, The Insurance Insider can reveal.
  • Sue Langley, the most senior female executive at Lloyd's, is to leave the Corporation later this year.
  • Lloyd's (re)insurer Ark Syndicate Management has hired a property and general liability binding authority team from recently bought-out Lloyd's peer Omega, The Insurance Insider can reveal.
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