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May 2007/3

  • Talbot is expected to announce within days that it has found a buyer in Bermudian (re)insurer Validus Holdings Ltd (Validus). The Insurance Insider revealed in its May issue that Validus has emerged as the front-runner to buy the Lloyd’s managing agency.
  • Investors in PXRE's Atlantic & Western Re (AWR) cat bond have recovered the principal after the bond was effectively triggered by the Bermudian reinsurer's default.
  • In the week that Talbot is set to announce a profitable sale to Bermudian (re)insurer Validus (see article 7), its predecessor company, Allegheny Underwriting drew-down a further £29.9mn from the Lloyd's Central Fund to cover its legacy losses.
  • The impact of recent changes to the Florida Hurricane Cat Fund (FHCF) will be less than originally anticipated, according to Geoffrey Bromley, non-Americas chairman of reinsurance broker Guy Carpenter.
  • Despite a hiatus at the beginning of the year partly fuelled by events in Florida, the industry has returned to one of the most notable trends in recent years – securitising its business into the capital markets.
  • RenaissanceRe is set to launch a second Starbound Florida-dedicated sidecar as evidence emerges that the impact of the state’s hurricane catastrophe fund expansion earlier this year may be less severe than first feared.
  • Benfield Group's 2005 move into primary lines continues to provoke concerns among some analysts about the reinsurance broker's prospects.
  • The continuing uncertainties in catastrophe models were highlighted as a stumbling block to high ratings for insurance linked securities (ILS), such as cat bonds, last week.
  • Maintaining underwriting discipline and good cycle management will be key as falling aviation rates send the market towards the "burning cost" for airline business, according to Lloyd’s Annual Report 2006.
  • Stephen Way, the founder of HCC Insurance Holdings, has teamed up with the $8bn private equity group GTCR Golder Rauner LLC to back a new investment firm specialising in the insurance sector.
  • London is destined to control a shrinking share of the world's insurance markets, both in absolute terms due to emerging market growth, and in relative terms as a result of "localisation", according to Luke Savage, finance director of Lloyd's.
  • Synergy Insurance Services, an innovative UK insurer that has been in the pipeline for a number of years, is finally launched this week amid claims that its structure could allow small and medium-sized businesses to save up to 40 percent of their insuranc
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