November 2013/3

If Lloyd's follows through with its threat to stop Canopius Syndicate 260 trading forward in 2015 a merger into one of the carrier's other syndicates will be pursued to guarantee its future, The Insurance Insider has learned.

The hull of the Tatarstan Airlines Boeing 737 that crashed in Russia at the weekend was insured for just $9.5mn, with the cover brokered by Willis and shared between underwriters in London and Russia, according to aviation market sources.

The insured loss from fire damage to a Korean-owned Chinese microchip factory in September has increased from $1.1bn to $1.3bn and is on course to be the largest single-risk loss this year, sister publication Inside FAC revealed last week.

Broker consolidator Towergate is in advanced talks to buy Footman James, a UK broker of classic car and motorcycle insurance, from current owner Aon, according to press reports.

US insurance broker AJ Gallagher (AJG) has completed its takeover of UK rival Giles, the company said on 14 November.

US private equity firm Carlyle Group has agreed to buy a majority stake in California-based insurance broker Edgewood Partners Insurance Centre (EPIC) for an undisclosed sum, providing further evidence of the sector's growing interest in insurance intermediaries.

Barclays Capital (BarCap) has hired Deutsche Bank's most senior financial adviser for insurance deals in London, The Insurance Insider can reveal.

Private equity firm Aquiline has syndicated 19.9 percent of Equity Redstar to Macquarie, which advised on its acquisition of the troubled Lloyd's motor insurer, The Insurance Insider can reveal.

Saga, the UK insurer and travel agent for the over-50s, is being lined as up the insurance sector's next IPO, with its private equity owners holding talks with investment banks about a 2014 stock market launch.

RSA's financial strength and credit ratings could be lowered again unless the UK general insurer takes steps to strengthen its capital position, according to credit analysts.

Tornadoes strike; New Man in; Aviva sells; Blue Capital grows; End of the Saga?; Tower reassures; Italy risk; Carlyle buys; RLI dividend; Argo reshuffle; Citadel invests; QBE negative; Arrow down; BMS recruits; TRIA lobby; Allied World upgrade; Ran-off; IPO woe; VIG acquires; RSA down; Barbican promotes; Bailey returns; Xuber signs; Amlin upbeat; HCC director; Marsh rated

Former RSA CEO Andy Haste is no longer involved in the sale process to acquire the Co-op's insurance arm, The Insurance Insider understands.