January 2012/1

Beazley will have to find ways to neutralise the difficulties posed by a Lloyd's-on-Lloyd's transaction and the corresponding advantages held by rival bidders Arig and Tower Group if it is to prevail in a future approach for Hardy.

As the European markets slowed in advance of the Christmas shut-down, industry maverick Mark Byrne closed a second turbulent year for Omega when he officially withdrew his interest in buying a 25 percent stake in the Lloyd's (re)insurer after the takeover target rejected his lowered 74p per share indicative offer.

2011 was a year characterised by significant M&A activity, particularly in the London market, where Lloyd's reluctance to welcome new members and the demands of Solvency II combined with the growing sense that small-cap quoted Lloyd's businesses are an anachronism, fuelling increased sales.

The Lloyd's Council elections have become a lot more complicated after Willis president Grahame Millwater decided to withdraw from the contested ballot following his unexpected resignation from the broking group in December.

After a year of heavy cat losses, Australian (re)insurer QBE has had to pay significantly more for the portion of its $1.3bn global cat treaty placed in the open market on an annual basis, The Insurance Insider can reveal.

The North American cat programme of AIG subsidiary Chartis has renewed effectively flat at 1 January as the insurance giant benefited from its decision to drop its top four $500mn layers, The Insurance Insider understands.

Labuan hit by Thai tide; Swiss Re gets AM Best tick; Ace makes $55mn Ecuador bid; Puerto Rican buy for QBE; Hannover lifer retires; Tokio Marine Europe recruits; Australia tots up $4.3bn of cat losses; Mapfre reshuffles board; JLT digs into Irish agri market; Bermuda rating pegged down; Bowring Marsh opens in Dubai; FonSAI rating pruned; Allianz US downgrade; Quaking US history; Sails up at R&Q; Pru chair exits; Klepper joins Chartis; Flagstone affirmed; SAC takes Validus stake; Loucaides leaves Jub

IAG-owned Lloyd's motor insurer Equity Syndicate Management Ltd has been censured by Lloyd's and ordered to pay costs of £95,000 over two charges of detrimental conduct, but avoided a fine.

It was another renewal season that promised much at the outset, with a lot of fighting talk about steely resolve from underwriters.

As reports begin to be published and after the initial conference calls took place a clear consensus has emerged that the market hardened in certain lines during the 1 January 2012 renewal season, but not across the board.