September 2011/4

Lloyd's disclosed a first half pre-tax interim loss of £697mn last week, but it resisted pressure to follow its peers in raising its loss forecasts for the year's major catastrophes.

The firms that have recently taken over Lloyd's vehicles will be held to the business plans submitted by the previous ownership and will not be allowed to pre-empt rapidly, Lloyd's senior management reiterated last week.

Lord Peter Levene of Portsoken, the outgoing chairman of Lloyd's, was last week awarded the rare honour of a gold medal for services to Lloyd's for his role in re-cultivating the market's reputation and gaining access to new territories.

Lloyd's underwriting tsar Tom Bolt has fired another broadside at offshore energy underwriters by suggesting he is not convinced they are "robustly managing risks".

Brit Insurance is to become the latest example of Lloyd's resurgent fortunes, as the private equity owned (re)insurer implements a new policy of deliberately migrating its business away from its UK Financial Services Authority (FSA)-regulated insurance company Brit Insurance Limited (BIL) and onto its Lloyd's Syndicate 2987.

Berkshire Hathaway is to repurchase an unspecified number of its class A and B shares at prices no higher than a 10 percent premium over their then-current book value.

Lonmar Global Risks' parent company Centrix Insurance Holdings incurred losses of £3.12mn in 2010 after swallowing more than £2mn of costs paid out to marine underwriters that had been overcharged.

French mutual insurer Groupama has put off plans for a public listing in response to Standard & Poor's (S&P) decision to further downgrade the firm's rating on Friday (23 September).

Planning for the giant SOS offshore energy excess liability facility has met resistance from the primary energy insurance market, The Insurance Insider has learned.

Tony Lovett, the former Catlin and RSG Europe executive has re-emerged with a new London-based managing general agency (MGA), The Insurance Insider has learned.

Icelandic insurer European Risk Insurance Company (Eric) has been revealed as the latest carrier offering UK solicitors' professional indemnity (PI) cover, just days ahead of the industry's 1 October renewals.

Fairfax buyback; XL expands property capacity; BB&T buys; UIB reshuffles; BIBA appoints Homer; Generali shrugs off S&P downgrade; Ferma's new president; Lancashire chooses Northdoor; Canopius expands; Dutch stable; Russell Group launch; Novae changes; Miller expands binder team; Wilford flies; RGA opens in Dubai