November 2011/4

Mark Byrne's Haverford vehicle has confirmed a reduced partial offer for Omega Insurance at a fixed price of 74p per share, as the would-be acquirer contends that its previous bid lapsed yesterday (30 November).

Quoted Lloyd's insurer Hardy has confirmed the widespread market rumours of sizeable Thai flooding loss exposures and put itself up for sale.

The circumstances for a turn in pricing in the direct and facultative markets may all be currently coming into alignment, but a broad or sustained market turn is not a realistic prospect.

Legacy acquirer Catalina Holdings has hired Martin Kauer as CFO/COO for its subsidiary Glacier Re under the firm's plan to expedite its run-off and expand its operations in continental Europe.

The captive reinsurance mutual for YMCA organisations across the US has been successfully liquidated on a solvent basis.

The South of England protection and indemnity (P&I) club has been put into liquidation after a bitter court battle with the Bermuda Monetary Authority (BMA) over its solvency and corporate governance.

Transatlantic Re is being sued by a shareholder over the company's $3.4bn takeover deal with Alleghany.

The US Securities and Exchange Commission (SEC) has charged another long-term employee of Bernie Madoff for facilitating the work of the swindler's massive Ponzi scheme.

Harleysville Mutual Insurance Company is being sued by a policyholder over its planned buyout by Nationwide Mutual Insurance Company.

Several Lloyd's insurers including Brit, Chaucer and Catlin are being sued by Proton Bank and Blanca Shipmanagement Company over a disputed $35mn marine claim.

Despite the plethora of broker poaching cases that make their way to the UK courts, it is possible to hire whole teams without falling foul of the law, the London market was told today (28 November).

Despite growing fears about Eurozone defaults, a near-term root and branch rethink of the risk-free treatment of European sovereign debt under Solvency II rules is unlikely, predicts Fitch.