September 2010/4

US broker AmWins has filed a fresh lawsuit against R-T Specialty, industry veteran Pat Ryan's rival wholesale start-up, to pursue damages for "misappropriation of trade secrets" following the defection of a senior broker.

Heath Lambert's accumulated dividend deficit with its preference shareholders has reached more than £15.5mn after rolling over unpaid for five years, accounts filed at Companies House show.

Lloyd's has ordered dedicated UK motor underwriter Equity Syndicate 218 to increase the amount of underwriting capital that it puts up by around a quarter following recent revelations of under-reserving in heavy loss-making years.

Proponents of plans for a New York Insurance Exchange (NYIE) are wooing a senior industry figure to drive the initiative forward and develop a business plan on behalf of the sector.

Fitch Ratings has put Brit Insurance on “watch negative” over fears that a private equity takeover could weaken the UK insurer’s financial profile. 

American International Group (AIG) has predicted that its Asian operation, AIA Group Ltd, will achieve an operating profit unlikely to be less than $2bn by the end of November.

The majority of delays over claims are down to intermediaries, according to Lloyd's underwriting director Tom Bolt.

Axis Capital has ratcheted up its stock repurchase programme with authorisation to buy back an additional $750mn of its shares, as capital management continues to sit at the top of (re)insurers' agendas.

Munich Re-owned Lloyd's managing agency Beaufort has increased its stake in Syndicate 318 during the Society's capacity auctions and is now obliged to offer to buy out all of the remaining Names for the 2012 year of account, according to a Lloyd's circular.

Airline insurance rates are again flat to falling even though the sector has yet to return to profit, according to Aon's Airline Insurance Market Indicators report for 2010/11.

Lloyd's (re)insurer Novae has secured High Court approval to fold its UK insurance company business into Syndicate 2007, potentially releasing up to £60mn in under-deployed capital.

Analysts have branded RSA's ambitious £5bn all-cash bid for the non-life operations of Aviva as "very low" and "puzzling", suggesting it could be a tactical ploy prior to a friendly merger.