June 2007/5

Administrators PricewaterhouseCoopers (PwC) announced today a final payment of 76.75 percent to creditors under the Trinity Insurance Company Ltd scheme of arrangement.

Lloyd’s (re)insurance broker, Newman Martin and Buchan Ltd (NMB), has become the latest intermediary to launch a capital markets division, which will be headed by alternative risk transfer veteran Mark Burbidge and senior reinsurance player, Paul Dunster.

Swiss (re)insurer Zurich Financial Services Group (ZFS) announced the establishment of a new division for its direct business in Europe effective 1 July, with a subsequent internal management re-shuffle.

The announcement in Parliament last week that the Government will examine changes to the 1982 Lloyd’s Act is likely to encourage some frenetic lobbying.

After more than five years absence from the London market, Tony Taylor returned to Lloyd’s with the arrival of Montpelier Re’s £47mn non-marine property and engineering Syndicate 5151.

Andrew Carrier, active underwriter of Kiln Ltd’s catastrophe Syndicate 557 and the reinsurance division of its Syndicate 510, is quitting the Lloyd’s insurer.

Capita CMGL is set to complete the reinsurance-to-close (RITC) transfer of the run-off Duncanson & Holt Syndicate 55 with capital supplied by CarVal Investors LLC, a fund backed by the agribusiness giant Cargill.

Shipowners were warned last week about the growing threat of piracy around the Horn of Africa.

Bermudian property cat specialist IPC Holdings Ltd has executed around half of its authorised share repurchase programme in the second quarter of 2007, it announced last week.

Balance sheet confidence is high among Bermudian (re)insurers following a strong 2006 and first quarter 2007, with share buy-backs and reserve releases prevalent on the island despite softening market conditions, according to the latest Benfield Bermuda Q

Proposed start-up Leinster Group Ltd has refused to acknowledge defeat but the prospect of a launch on the Lloyd’s platform looks bleak after the Society rejected its application.

Hiscox plc has acquired the Illinois based livestock insurer American Live Stock Insurance Co in a deal that will provide the group with further US growth opportunities.