September 2010/3

From a standing start two years ago, Hannover Re looks set to become the largest writer of UK solicitors' professional indemnity (PI) business as the market renews on 1 October, The Insurance Insider can reveal.

The Qatar Financial Centre (QFC) Authority emerged last week as the latest suitor in negotiations over the sale of London market electronic trading business RI3K, while the due diligence period of potential buyer MphasiS came to an end.

As the quoted Lloyd's stocks struggle to trade above book value, the news that Brit Insurance is likely to recommend an all-cash buy-out offer from the private equity consortium of Apollo and CVC is again stoking predictions of consolidation and merger and acquisition (M&A) activity on Lime Street.

Steve Roder, the former CFO of American International Group's (AIG) giant AIA Asian life unit, is looking for $500mn-$1bn in backing for a new Asian-focused reinsurer, along with two other senior reinsurance executives.