June 2008/1

Energy and property start-up Torus Insurance is set for a 1 July launch with an A- (Excellent) AM Best rating and backing from First Reserve Corporation, The Insurance Insider understands.

Jerry McArthur is stepping down as chairman of Capita Commercial Insurance Services (CCIS), The Insurance Insider can reveal.

Failed Bermudian (re)insurer Quanta Capital Holdings is to be sold in a $197mn deal to Catalina Holdings (Bermuda), the run-off acquisition company headed by former GoshawK chief executive Chris Fagan.

The Royal Bank of Scotland's (RBS) share price plummeted as Ping An became the latest potential bidder to drop out of the auction for the bank's insurance operation.

Towergate Partnership's pre-tax profits increased by 14.9 percent to more than £100mn in 2007 compared to the previous year, while deputy chairman Patrick Snowball has resigned from its board, the company announced.

Former Catlin UK CEO Andreas Loucaides has resigned from the group to take up a new post at Lloyd's insurer Jubilee subject to regulatory approval, The Insurance Insider can reveal.

After just two years of trading, Catlin's bid to become the Direct Line of commercial SME business through its cover holder Brighter Business Ltd has ended and the company is now in run-off, The Insurance Insider has learnt.

Lloyd's insurer Novae Group has put its legacy run-off business out to tender in a move that could see the firm finally free itself from the shackles of its past, The Insurance Insider can reveal.

UK-listed intermediary Jardine Lloyd Thompson (JLT) could pay up to £8mn for independent London market (re)insurance broker Harman Wicks & Swayne (HWS), The Insurance Insider understands.

The Virgin group successfully gained a reduction in rates for two of its three airlines in the May renewals as the market continues its struggle to get airborne.

Lloyd's insurers may be free to operate without annual venture restriction following HM Treasury guidance

The 1 June Florida property cat renewal is expected to have produced average rate reductions of around 15 percent, according to a report from reinsurance broker Guy Carpenter.