November 2007/5

Quoted Lloyd's insurer Novae Group plc is set to open a bloodstock account next year following the capture of a Brit Insurance underwriter.

Bermudian reinsurer Montpelier Re Holdings Ltd has extended the employment contract of its founding chairman and chief executive Tony Taylor until 2009, it confirmed last week.

The rules for Brazil's open reinsurance market are set to be published on 15 December, according to local sources.

Tawa plc, the UK quoted run-off consolidator controlled by French billionaire Francois Pinault, has launched Tawa Consulting Ltd, which will take on consulting and advisory operations.

Aon Re Global Fac is to launch a dedicated residual value insurance division.

London-based electronic trading platform Ri3K is streamlining charges for its services in response to "market criticisms" over the firm's pricing structure.

Lloyd's insurers Beazley Group plc and Hiscox Ltd disclosed moderate share buybacks last week, continuing the trend in the (re)insurance sector for the repatriation of capital to shareholders.

A New York-based hedge fund has hit back at Canadian conglomerate Fairfax Financial Holdings with a counterclaim accusing the firm of defamation and a campaign of harassment and intimidation.

Non-life insurers should escape the global credit crunch but not contagion from a possible economic stagnation or recession, according to research from Morgan Stanley.

Gallagher London became the latest firm to levy an additional commission on the market as the weak dollar and falling rates continue to squeeze brokers' margins.

Administrators of loss-hit Kamp Re 2005, Zurich Financial Services' (ZFS) catastrophe bond, have extended the original maturity date by a month, to 14 January 2008, pending a final determination of the loss amounts.

Underwriting discipline, capital management and improved prior-year syndicate forecasts were the dominant themes as Lloyd's (re)insurers reported trading updates last week.