October 2011/2

Independent London market broker BMS strengthened its pre-tax profits to £1.06mn in 2010, despite investment costs of £3mn connected to the hire of former Glencairn CEO Nick Cook and the establishment of its managing general agency (MGA) business, Pioneer.

The 1 October renewal season for UK solicitors' professional indemnity (PI) business was overshadowed by concerns about the growing involvement of unrated insurers in the fiercely competitive market.

The direct and facultative market seems ambivalent regarding the prospect of standalone contingent business interruption (CBI) cover. This comes after Munich Re urged (re)insurers to consider carving out supply chain risks and covers from standard physical damage/business interruption (PD/BI) coverage.

Amlin, Liberty Syndicates and Kiln are three of the four firms to have achieved green lights under the Lloyd's traffic light system that is being used to measure progress on Solvency II, The Insurance Insider has learned.

Cove Programs, a newly formed underwriting agency and approved Lloyd's coverholder, has launched with ambitious plans to make inroads into an incumbent book of business.

Trading volumes fell in the third Lloyd's capacity auction last week as average prices rose slightly from those seen in the second auction.

Lonmar's recently disclosed £2mn commissions overcharging scandal related to a marine lineslip led by Watkins syndicate at Lloyd's, The Insurance Insider has learned.

Mardon to head Ace Tempest Re Bermuda; Major insurers plan job cuts; HCC launches two casualty divisions; Lloyd's collateral requirements reduced in Florida; S&P positive on Liberty Mutual; ...But Moody's negative on Allianz Italy; Brazilian ambassador cool on liberal reforms; Allianz close to SEC settlement - report; Channel takes A&H head from Talbot; Allstate completes acquisition of White Mountains business

Dane Douetil - the Lime Street CEO who hard-balled the private equity duo Apollo and CVC over their protracted £880mn buy-out of Brit Insurance - confirmed today that he would step down at the end of the month.

Investors in hedge fund-backed reinsurance start-up Third Point Re hope to list the vehicle on the public markets in 2013 or 2014, according to documents seen by The Insurance Insider.

Last week the financial juggernaut of quantitative easing (QE) and central market intervention rolled on, with the Bank of England announcing a second major round of QE, followed swiftly by news of the ECB making increased liquidity available to banks.

John Berger's nascent reinsurance vehicle, Third Point Re, will target niche lines of business such as crop reinsurance and non-standard auto, The Insurance Insider understands.