October 2009/4

As the European reinsurance industry descended upon the sleepy German spa town of Baden Baden yesterday to kick-start the annual reinsurance gathering, several key themes dominated early conversations.

After a lengthy impasse, Russian-backed private equity firm Pamplona Capital Management finally upped its shareholding in Lloyd's insurer Chaucer to 16.27 percent on Friday (23 October).

With the Q3 reporting season picking up pace this week, strident third quarter results from early reporting US and Bermudian (re)insurers have brought the issue of capital management back into sharp focus.

Texas-based Southwest Insurance Partners Inc (SWIP) has named Arthur Seifert as CEO to drive expansion at its wholly owned underwriting agency, Bunker Hill Insurance Agency.

Canadian combine Fairfax Financial Holdings (FFH) now owns 97 percent of Odyssey Re following the expiration of its cash tender offer for the remaining shares in its affiliated reinsurer.

Amlin-backed dedicated ILS investor Leadenhall Capital Partners has launched two $50mn Irish-based funds.

A global coalition of insurers has called on developed countries to agree to a 40 percent cut in greenhouse gas emissions by 2020 at the UN climate change negotiations in Copenhagen in December.

American International Group (AIG), which received $182.5bn from the federal government's $700bn Troubled Asset Relief Program (TARP), has missed three dividend payments to the Treasury.

Swiss Re said it is "very well positioned" to enter January 2010 renewal discussions, but will focus on quality instead of quantity as it faces up to the pricing problems in key European markets.

In a reversal of normal industry practice, the European Court of Justice (ECJ) ruled last week (22 October) that VAT is now liable on the cross-border sale of portfolios of reinsurance business