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  • Catlin's third party syndicate strategy at Lloyd's is a "placeholder for the future" and a buffer for the group's economic capital, founding CEO Stephen Catlin explained to investors last week.
  • Willis has successfully signed some London market (re)insurers up to Finmar360, its new financial institutions (FI) suppliers' club, and has finalised terms and conditions on the structure, The Insurance Insider understands.  
  • Apollo, the Lloyd's syndicate that specialises in writing direct and facultative property business, is to appoint Catlin Group's UK head David Ibeson to lead the group.
  • Lloyd's reins in spending with 2012 budget The Corporation of Lloyd's will cut spending by £17mn in 2012 and freeze service charges at 2011 levels as it acknowledges the tough underwriting conditions for (re)insurers operating in the market.
  • Sciemus, the London-based specialty managing general agency, analytics and modelling firm has appointed broking veteran Dennis Mahoney as chairman with effect today (28 November).
  • Lloyd's (re)insurer Chaucer is planning to end its role as a provider of turnkey services to the market, according to well-placed sources.
  • Validus has confirmed that it is withdrawing its interest in Transatlantic Re after the latter's board recommended a takeover by US specialty insurer Alleghany, as predicted by The Insurance Insider earlier today.
  • $100mn tornado cat bond wiped outThe remaining $100mn tranche of American Family Mutual tornado cat bond Mariah Re 2010-1 is set to be a total loss, in what will be the third wipe-out of a cat bond this year. This comes after the lower-lying $100mn Mariah 2 issuance was written off by cat bond investors. But investors in the Mariah 1 notes were previously only expected to lose $11.6mn of their capital, according to loss reports from the end o
  • Brit Insurance is improving the appeal of its under-performing UK business Brit Insurance Ltd (BIL) to potential buyers by looking at adverse development-type cover that would protect against the risk of under-reserving, The Insurance Insider can reveal.
  • Lloyd's insurer Barbican has hired two senior executives to bolster its UK and specialty businesses, The Insurance Insider can reveal.