June 2012/4

Expansive broking and insurance group BMS says it is on track to meet its revenue growth target of 15 percent and an uplift in profits of more than 25 percent in 2012.

A number of Zurich-based staff left Novae Re last week following the exit of the firm's two most senior staff last month, The Insurance Insider revealed last week.

Lancashire Group is trimming its book by some 10 percent by exiting the property direct and facultative (D&F) and onshore energy markets with immediate effect.

Florida insurer Universal Property & Casualty Insurance Company (UPCIC) moved its circa $300mn quota share account to Odyssey Re from Everest Re in a re-structure of its reinsurance programme in June.

Arch moves Rajeh to Europe; Dual opens in Austria; JaPro buy for Ace; Great American move for ex-QBE exec; R&Q completes Trimac; EQC confirms renewal; Ironshore positive; Mapfre downgraded; Langley eyes abseil in Jimmy Choos; Markel moves to Walkie Talkie; It gets personal for Travelers in the UK; Stanford gets 110 years; Southport docks two workers' comp deal; Ex-Collins broker forms StoneHill in Minneapolis

RMS Version 11 (v11) overstates the impact of windstorm risk on (re)insurers writing business in the UK and does not adequately reflect the nuances of carriers' unique portfolios, big three broker Willis Re has said.

RMS will not follow up its imminent "update" on its European windstorm cat risk model with a modification of its US model this year despite criticism from the market, the catastrophe risk modeller has said.

The past week has been a good one for anyone looking for indications of the enduring appeal of the London market and the Lloyd's platform that lies at its heart.

Bermudian (re)insurer Alterra is still working on a renewal of its retro-focused $200mn+ sidecar New Point Re IV, although it did not deploy New Point capacity in the June renewal, sister publication Trading Risk has reported.