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  • Bermudian reinsurer Harbor Point Re Ltd has opened a London market representative office in Lloyd’s.
  • UK regulator the Financial Services Authority (FSA) has reviewed the market’s progress on contract certainty and says that “enough progress has been made to keep regulatory intervention on hold”, according to its own high-level assessment.
  • Wellington plc, the Lloyd’s insurer that has agreed to the takeover overtures from rival Catlin Group, has parted company with more executives including the departure of its group head of risk to become CEO of the Lloyd’s Market Association (LMA).
  • A trial date of January 2008 has been set to hear Lloyd’s case against Benfield and Aon, the two brokers who placed the £500mn Central Fund insurance contract that failed to engage following an arbitration decision last year.
  • Analysts have welcomed Hannover Re’s sale of its US subsidiary Praetorian Financial Group, describing it as a “good deal” that frees up capital to allow the reinsurer to lower its retro spend, underwrite more US catastrophe business and expand into new ma
  • The DE Shaw group is set to become the latest hedge fund to form a dedicated reinsurance unit.
  • Lloyd’s aims to have a structure in place to allow special purpose reinsurance syndicates to start mid-2007, along with a more streamlined timetable for Integrated Lloyd’s Vehicle (ILV) business plans and capital setting.
  • Brit Insurance Holdings has announced its long-awaited Bermudian sidecar-style vehicle Norton Re Insurance Limited, which will resume writing the catastrophe retro business the UK insurer withdrew from at 1 January 2006 renewals.
  • In a year characterised by the growing interaction between the capital markets and the reinsurance industry comes the launch of a new index to trade US hurricane risks as a derivatives contract.
  • Equitas’ senior executives will share a bonus pool of £10.4mn once the landmark agreement with Berkshire Hathaway is finalised.