October 2006/5

Listed insurer Hiscox is awaiting Lloyd’s approval for its planned Bermudian sidecar, which, Insider Week can reveal, will be called Panther Re.

The insurance industry must make attracting and retaining young talent one of its highest priorities, according to Marsh.

Listed broker Jardine Lloyd Thompson Group plc has beaten off fierce competition to win the contract as insurance construction partner for the London Olympics in 2012.

Fairfax Financial Holdings controlled reinsurer Odyssey Re restated its results for the past five years on 16 October, correcting accounting errors relating to its investments.

Novae Group plc’s Lloyd’s platform today announced it will merge its Syndicates 1007 and 2147 for the 2007 year of account.

The UK run-off company Axiom Consulting has put itself up for sale, our sister title The Insurance Insider revealed last week (19 October).

Reliance National Insurance received High Court approval for its solvent scheme of arrangement last Friday (20 October) as the proposal passed unopposed.

Elliot Richardson, the new head of Aon’s facultative reinsurance division, was tempted away from rival Benfield Group by a bumper remuneration package of up to £1mn, according to market sources.

The London market’s pool of (re)insurance talent is unmatched anywhere in the world according to Jacques Aigrain, CEO of Swiss Re.

Standard & Poor’s (S&P) was the first rating agency to respond to news of the proposed reinsurance deal between Equitas and Berkshire Hathaway by signaling the possibility of an upgrade in Lloyd’s financial strength rating.

Friday’s (20 October) landmark $7bn deal between Equitas and Berkshire Hathaway lays a framework for reinsured Names and Lloyd’s to achieve finality for pre-1993 liabilities and, if completed, nearly doubles the assets available to the run-off vehicle.