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March 2011/4

  • The 2011 Global Power & Energy Review and the Executive Briefing are now in production and will once again provide the most comprehensive and independent analysis of the key issues affecting the global energy sector. The review is proven as a powerful reference tool for leading industry figures. Click headline for more information
  • The process for agreeing all claims for the United Standard Insurance Company Ltd (USI)'s scheme of arrangement has been completed, according to scheme administrators PricewaterhouseCoopers (PwC)
  • UK-listed run-off firm Tawa's 2010 annual results were well received by investors, with its share price rising more than 5 percent since they were published on 25 March
  • Lloyd's run-off firm RITC Syndicate Management Ltd (RSML) denied it is considering an imminent sale of its business - but has appointed corporate advisers Lexicon Partners to consider possible sale approaches
  • AJ Gallagher International and Heath Lambert are in exclusive takeover negotiations as the two sides move closer to finalising the terms, The Insurance Insider understands
  • Lonmar Global Risks has been hit twice in recent weeks after losing its Burrup account and with head of casualty Tom Payne resigning from the board
  • Senior aviation brokers Jim Joannou and Richard Draper have left Jardine Lloyd Thompson (JLT) in what may be the first sign of the UK broker easing up on its big aviation push
  • More than two years after it took on a $500mn bridging facility at punitive interest rates with Goldman Sachs, Willis is refinancing the debt on significantly more favourable terms
  • Niche venture capital company BP Marsh and Lime Street stalwart Michael Wade are poised to end more than two years of uncertainty at broker Besso Holdings by taking control of the London-headquartered company
  • Lloyd's turnkey provider Whittington is up for sale at a price tag of around $60mn and has attracted interest from a number of potential buyers 
  • Representatives of Citizens Property Insurance Company (CPIC) met underwriters in Bermuda late last month to assess how much limit Florida's state-backed insurer can buy with its $125mn budget for 2011
  • Relative newcomer Torus's withdrawal from the excess liability market in March was hastened by last year's heavy loss experience in the segment, sources suggest
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