January 2010/3

Lloyd's Franchise Performance director Tom Bolt last week poured cold water on the immediate competitive threat created by the proposed resurrection of the New York Insurance Exchange.

Shareholders in embattled Omega Insurance Holdings are still awaiting a date for a special general meeting (SGM) to air their demands to revamp the company board, despite rumblings last week that an announcement was imminent.

Admiral, the UK motor insurer that cannily uses reinsurance leverage to generate industry-leading returns on equity (RoE), has entered into new quota share agreements with Munich Re and Hannover Re to finance its entrance into the US markets.

Montpelier Re has entered the satellite market in conjunction with Sciemus and is looking to build a $75mn line on Bermuda paper, our sister title Inside FAC has revealed.

The Haitian government will receive a $7.7mn payout from the Caribbean Catastrophe Risk Insurance Facility (CCRIF) after a magnitude 7.0 earthquake devastated the country.

Swiss Re's SFr1.3bn sale this morning (18 January) of a closed block of US life reinsurance business to Berkshire Hathaway (BH) will free up SFr300mn in capital.

UK regulator the Financial Services Authority (FSA) is yet to approve Russian-backed private equity firm Pamplona adding a further 6.28 percent to the 9.99 percent stake it owns in Lloyd's insurer Chaucer.

Glacier Re, the private equity-owned (re)insurer that parted company with its founding CEO Robbie Klaus last year, is in talks to sell off the renewal rights of various parts of its business.