August 2013/2

Markel Corp remains strongly committed to the reinsurance business it obtained with the acquisition of Alterra, despite a significantly slimmed down management structure at the unit.

Syndicate forecast updates from Lloyd's insurers Kiln and MAP show an improving picture for 2012, largely because of lower loss estimates from Superstorm Sandy, the major catastrophe event of last year.

Kiln appointsTokio Marine-owned Kiln Group has appointed Satoshi Naganuma as active underwriter of Tokio Marine Kiln Syndicate 1880 (TMK 1880). TMK 1880 underwrites international construction and engineering business and offers direct and facultative coverage on an all risks of physical loss or damage basis.

Third Point Re, the reinsurer founded by hedge fund guru Daniel Loeb and run by Harbor Point CEO John Berger, is expected to make its keenly awaited New York Stock market debut on Wednesday (14 August).

The $60mn-$110mn reserve strengthening that Tower announced last week was well above speculative estimates of the insurer's potential reserve inadequacy, FBR analyst Randy Binner said.

The weight of new Chinese capacity with an appetite for US property business was felt on a number of recent blue-chip renewals, according to underwriting sources.

They cross our borders, undercut prices and take away our business.

Independent broker BMS has resumed active work on a Lloyd's start-up after an abortive effort in 2010/11, and is targeting a 1 April start date, The Insurance Insider can reveal.