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May 2011/4

  • Private equity firm Thomas H Lee Partners (THL) is backing a management buyout of the insurance arm of French-headquartered IT company Sword Group.
  • Lloyd's takeover target Chaucer is still considering opportunities to detangle itself from its credit crises legacy liabilities that sit in its open year Syndicate 4000, The Insurance Insider can reveal.
  • Lloyd's run-off specialist RITC Syndicate Management (RSM) has rejected sale approaches and is concentrating on building the business.
  • Marsh's US operation has filed a lawsuit against rival broker Krauter & Co and two former employees alleging that they have unlawfully been soliciting Marsh clients in violation of a non-compete agreement.
  • International (re)insurers should be vigilant in ensuring they understand the full extent of their liabilities under Japanese law, London law firm Reynolds Porter Chamberlain LLP (RPC) has warned.
  • Legislation aimed at reforming the National Flood Insurance Program (NFIP) could provide a source of growth for (re)insurers.
  • UK insurers will be required to ask more relevant questions when issuing policies to consumers under proposals outlined in a new bill before the UK parliament.
  • Florida's Governor Rick Scott has given his official imprimatur to a bill that aims to strengthen the private insurance market in the Sunshine State.
  • The Bermudian reinsurance market has a "visceral contempt" for RMS version 11, according to Deutsche Bank analyst Josh Shanker, fresh from a visit to the island last week.
  • Barclays Capital analysts say Allstate's $1bn purchase of online insurance business Esurance and Answer Financial from White Mountains appears to be a "rich" price for a business that is making weak profits.
  • Results for the three largest Japanese insurance groups, published last week, confirm that the trio have weathered the immediate effects of the Great Tohoku earthquake with little fuss.
  • Travelers Lloyd's chairman steps down; Amlin results forecast; BMS poaches another Glencairner; Liberty Mutual Re goes to Conneticut.
  • The latest Residential Re cat bond sale currently being marketed for regular sponsor USAA is set to provide a key test of the market's capacity for US wind risk.
  • Insurance-linked securities (ILS) fund managers are "licking their wounds" after RMS released cat bond remodelling statistics under version 11 of its new hurricane model.
  • London-listed collateralised reinsurer Catco has raised a net $121mn from a new share issue and is seeking to issue another 400mn new shares, according to a stock exchange announcement last week.
  • Lancashire's new sidecar will not be rushing in to write lots of retrocession, says head of investor relations Jonny Creagh-Coen.
  • Lloyd's CEO Richard Ward told the London market last week that its lucky streak on US hurricanes is likely to come to an end.
  • The US National Weather Service's National Oceanic and Atmospheric Administration (NOAA) climate prediction centre has released its forecasts for the 2011 hurricane season and is warning that it is set to be another year of high activity.
  • Bermudian (re)insurer Endurance Specialty will take a $45 to $55mn loss from the April tornado activity that swept through the southern US states of Alabama, Arkansas, Georgia and Virginia.
  • Property Claims Service (PCS) has put an initial loss estimate of $5.05bn for the devastating final outbreak of tornadoes and thunderstorms that struck the US last month.
  • As the swollen waters of the Mississippi River spill into Mississippi and Louisiana, insurers are bracing themselves for further significant claims in May after a record April for tornado losses.
  • Recent Lloyd's start-up Apollo Syndicate 1969 intends to reduce its property direct and facultative (D&F) exposures in Japan for the remainder of 2011 and concentrate instead on catastrophe treaty excess of loss placements, our sister title Inside FAC revealed last week.
  • Last week a trio of small/mid-cap publicly quoted Lloyd's insurers revealed differing growth outlooks for 2011 in their interim management statements.
  • Bermudian reinsurer White Mountains will become the owner of the 31st syndicate to start up at Lloyd's since 2007 when it begins trading later this year, research from The Insurance Insider shows.