June 2007/5

The board of Fairfax Financial Holdings controlled reinsurer Odyssey Re has authorised a share buyback programme, the company announced.

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.

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.

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

CastlePoint Insurance Company, the US subsidiary of Bermudian (re)insurer, Castlepoint Holdings Ltd announced a risk sharing agreement with a Florida-based workers’ compensation and commercial auto specialist, AequiCap Insurance Company and its subsidiary

Bermuda-headquartered Lloyd’s (re)insurer Catlin Group has appointed Nick Greggains and Andrew Englesbe to lead the underwriting on its US platform.

Ousted American International Group (AIG) supremo Maurice “Hank” Greenberg has countersued his former employer claiming the US giant’s board and new management are “seriously damaging” the company.

Reinsurance broker Guy Carpenter has said it will mandate the use of the Electronic Claims File (ECF) for all in-scope claims from the Lloyd’s market as of 1 January 2008.

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.

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.