November 2010/3

Taiwanese-listed bancassurer Fubon Financial Holdings has emerged as a potential bidder for American International Group (AIG)'s Taiwanese life insurer Nan Shan.

In the final Lloyd's capacity auction of the year, Argo dominated proceedings by paying £0.6mn to acquire £5.7mn of additional capacity on its Syndicate 1200 for the 2011 year.

CNA Europe appoints two non-executive directors; AM Best affirms Atrium syndicates; AM Best holds on Axis Specialty; ING prepares to spin off insurance units

The Camomile Underwriting Agencies Limited (CUAL) solvent schemes were granted recognition last week by a US judge at the Federal Bankruptcy Court in New York.

US workers comp insurer PMA Capital was successful in reversing an arbitration award to Platinum Underwriters Bermuda after an earlier decision to dismiss the payment was upheld by the US Court of Appeal last week.

Property and casualty (P&C) insurers worldwide have asked the G-20 to distinguish their industry from banks when tackling systemic risk.

The Stateside battle against further regulatory encroachment on the (re)insurance industry has drawn some strength from the success of Republicans in the US midterm elections last week.

Leading Swiss cat bond investment manager Clariden Leu has re-opened its flagship fund to new investments, following strong insurance-linked securities (ILS) issuance in the second half of the year.

Catastrophe bond sponsor USAA is revisiting the capital markets with its second Residential Re offer this year, opening the season for fourth quarter US wind sales.

Improved balance sheets and more stable claims conditions for the shipping industry's protection and indemnity (P&I) clubs has ensured that hard-pressed shipowner members face only small general premium increases at the 2011 renewals.

A UK High Court has found against Lonmar Global Risks and in favour of rival London market broker Tysers in an acrimonious poaching case.

Aon's chief operating officer Andrew Appel - the former management consultant who masterminded the integration of Aon Re and Benfield Group - is leaving at the end of the year, only seven months after starting the new role.

Hannover Re has increased its full-year earnings forecast after profits grew 66 percent to EUR271mn in a stronger-than-expected third quarter despite "appreciable strain" from natural catastrophe events.

Munich Re has confirmed it will push ahead with ambitious plans to form a $20bn liability limit offshore energy consortium with global brokers, as it unveiled a 2010 profit forecast upgrade following a strong third-quarter performance.

Bermudian reinsurer Aspen Insurance Holdings has picked up the pace of share buybacks through a $184mn repurchase programme with Barclays Capital.

Staff shareholders in technology firm Ri3k are to receive just £0.00002 per share from successful bidder Qatarlyst - leaving founding CEO Alex Letts with a payout of just under £40 for his stake in the firm.

Chaucer's 2011 capital base is expected to come under the spotlight later this week, when it unveils its new senior management's thinking in an update on corporate strategy.

Catlin Group experienced a slight fall in nine-month volume at its core London division and growth in its international operations.

The interim management statement (IMS) published by Novae last week provided a further update on the company's strategic reorientation plan and met with the approval of analysts.

Bid target Hardy Underwriting has taken the highest proportional loss on the New Zealand earthquake among the international (re)insurers to report to date, with a £10mn hit representing nearly 7 percent of its half-year equity.

On the face of it, an impasse has been reached in the Beazley-Hardy courtship.

Lloyd's (re)insurer Beazley's Q3 interim management statement (IMS) `has reported 2 percent growth in gross written premiums (GWP) to $1.35bn in the nine months to 30 September.

Bermudian (re)insurers are more likely to deploy excess capital in the form of share buybacks than in a wave of consolidation.

Despite predictions of an uptick in (re)insurer M&A activity, fuelled by excess capital and cheap stocks, the motivation for deals was questioned by senior market figures gathered in Bermuda last week.