January 2012/2

Brit Insurance is confident that it will be able to dispose of its up-for-sale UK retail business at a premium to book towards the beginning of the second quarter, The Insurance Insider can reveal.

After a pre-Christmas lull, the auction of Flagstone's Lloyd's business got going in earnest in the New Year, with a sales prospectus released and a deadline issued for indicative expressions of interest, it is understood.

Bermudian (re)insurer White Mountains has completed a transaction to acquire the legacy portfolio of defunct reinsurer Old Lyme Insurance Company

Quoted (re)insurer Hardy Underwriting is issuing a prospectus to interested parties this month and will hold management meetings with the leadership of its would-be acquirers in January, The Insurance Insider understands.

Beleaguered Lloyd's (re)insurer Omega is no longer prioritising a sale after the ignominious collapse of its agreed transaction with Haverford's Mark Byrne, The Insurance Insider has learned.

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

The top Lloyd's players are divergent in their approach to 2012, with some loading additional capacity for the hardening market and others keeping their size in check.

One of the priorities for Lloyd's over the next three years will be to simplify the process of placing and underwriting business in order to address the perceived difficulty and cost of using the market at No. 1 Lime Street, Lloyd's CEO Richard Ward has said.

Reinsurers dodge Oz Christmas hail; FSB vice chairman steps down; Citizens CEO stands down; China up; Russian opportunities; Latin growth; US hardening; ACR affirmed; Olá XL; Twister receiverships; Twister receiverships

Amlin backs $200mn nuclear MGA; Canopius move; Hoare Govett slips; Takaful takeaway; Kane new CEO; Beazley goes Deutsch; RBS ready; Ascot powers up; Prosight takes aim; Lloyd's re-runs

Third Point has managed to attract a significant sum on top of the $500mn backing it had initially secured when The Insurance Insider revealed news of its launch last October, but is slightly shy of the $750mn-$1bn of launch capital targeted

It may be best to be "greedy when others are fearful", but try being greedy when you're scared, your bankers are scared and your shareholders are positively terrified...