March 2012/4

The purchase of Hardy by CNA Financial marks a confident return to the London market for the top-15 US P&C insurance group.

Hardy chairman David Mann and group CEO Barbara Merry are set to receive almost £5.2mn in aggregate if the recommended sale to CNA closes, analysis shows.

US insurer CNA ended the sale auction for the venerable Lloyd's (re)insurer Hardy last week with a recommended knock-out cash offer that values the business at £143mn.

The Lloyd's Market Association (LMA) says a project to bring co-lead binder risks into the London market's electronic claims handling system (ECF) will take the proportion of claims processed electronically above 90 percent.

The transformation of the London market's central services under Project Darwin should proceed along a "minimal risk" pathway which will require greater investment than a "minimal cost" alternative, according to a presentation seen by The Insurance Insider.

The 500bn baht ($16.2bn) Thai cat fund is set to be launched on 28 March but will probably only purchase reinsurance in the international market next year, according to Thailand's Office of Insurance Commission (OIC).

Firm order terms on Japanese mutual Saikyosairen's excess-of-loss programme are up 30 percent on last year, The Insurance Insider understands.

Firm order terms on Chubb's $1.55bn Xs $500mn US excess-of-loss programme are up by around 10 percent, The Insurance Insider can reveal.

Dewey & LeBoeuf defections climb to 37 partners; Everest, HCC hire senior execs; Labuan hits retro carriers with $27mn Thai loss; Moczarski takes additional role; El Niño may keep storms at bay; Generali hit by investment losses; Groupama still on negative watch

Lloyd's (re)insurer Omega has paid an unknown sum to former CEO Richard Tolliday to settle a compensation case just before it was due to come to court in London on 22 March, The Insurance Insider revealed last week.

Acquisitive run-off player Catalina has made an approach to troubled Lloyd's carrier Omega with a view to a takeover, The Insurance Insider can reveal.

Knowing our market as well as we do, The Insurance Insider predicts that for the vast majority of market practitioners the answer the question above will of course be a resounding "No."