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Company Example A

Overview
Content
Data

Company type

Insurance-Linked Securities (ILS) and Investment Managers

Miscellaneous

Founded
1896

Major offices

Zurich, CH (headquarters)
Nassau, BS

Officers

Smedley MacGuffin (CEO)

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  • Private equity-backed Lloyd's insurer Canopius has paid an undisclosed fee to take over motor underwriter KGM.
  • Lloyd's underwriting chief Tom Bolt and his co-panellists at Standard & Poor's UK Insurance Symposium were notably bearish on prospects for an upturn in the pricing cycle.
  • Lloyd's is spending £50mn per year on preparations for Solvency II with the go-live date still two-and-a-half years away, the Society's director of performance management Tom Bolt has revealed.
  • UK financial regulator the Financial Services Authority (FSA) has lost its second director inside a month, after announcing head of supervision Jon Pain will leave in January 2011 once reorganisation to prepare for a formal split in 2012 is completed.
  • Bermuda-headquartered (re)insurer Hiscox plc is planning to cut capacity by 10 percent at its flagship Syndicate 33 at Lloyd's due to "anticipated market conditions".
  • Lloyd's (re)insurer Catlin is set to plough $1bn in capital into forming a reinsurance arm in Switzerland - a move that will significantly expand the group's European reinsurance business.
  • General insurers rediscovered their optimism in the second quarter of 2010 despite declining profitability, according to the latest survey of the UK financial services sector from business lobby group the CBI and PricewaterhouseCoopers (PwC).
  • The London market looks to have escaped significant pay-outs from a plane crash that killed the board of Perth-based mining company Sundance Resources.
  • Industry declared losses in relation to the Chile earthquake have now reached $6.5bn, after Swiss Re became the latest (re)insurer to up its loss estimate with a new figure of around $630mn.
  • Russian-backed private equity investor Pamplona Capital Management is reported to have withdrawn its application to the UK's Financial Services Authority (FSA) for approval to build on its 9.99 percent stake in Lloyd's insurer Chaucer.