September 2012/1

The niche residual value insurance (RVI) market could form part of the EC3 landscape once again, with Korean underwriter Samsung Fire & Marine Insurance Company of Europe (SFME) considering writing the product.

Kidnap and ransom (K&R) and contingency could soon be written by Ace Global Markets (AGM), the London market arm of Ace European Group (AEG), reports sister title Inside FAC.

American Financial Group (AFG) has consolidated its ownership of Lloyd's insurer Marketform five years after acquiring a majority stake in the business.

Market veteran Michael Pritchard, the active underwriter for Beaufort-managed and Munich Re-owned Lloyd's Syndicate 318, is to step down from the role with effect from 30 June 2013.

Beazley Group is close to becoming the first Lloyd's insurer to raise capital from private savers by issuing a UK retail bond that will provide it with up to £250mn of funding (and what is expected to be £50mn-£75mn)

Private equity backed Lloyd's (re)insurer Barbican Group is building out its property treaty platform with the hire of James Winn from its rival Ark Syndicate Management.

Lloyd's anoints new execs; Nuclear option; US reinsurers return to profit; Thai floods dent China Taiping; Third Point Re to launch London platform; UK P&I Club confirms SII restructure; Isaac micro trigger; Hitchings joins Newton Follis; SeaBright downgrade threat; Darwin evolves; MSIG converts German branch; Singapore sling; Admiral sails on; Lockton secures fac JV; Montpelier Re move; Charles Taylor on track

RBS-owned insurer Direct Line reported a 43 percent drop in half-year profit before tax to £106.5mn - due largely to restructuring costs involved in its separation from the bank before an initial public offer planned for this autumn.

Fitch Ratings has praised the global reinsurance industry for its underwriting discipline and caution over capital management ahead of the 2012 Monte Carlo Reinsurance Rendez-Vous.

The greatest advantage of capitalism is its ability to adapt to the changing economic environment. Given time and a free run, Adam Smith's invisible hand invariably nudges collective action in the direction that causes the most favourable outcome for the greatest number of people.

Validus will be fortunate to push through its offer for Flagstone without coming under fire from rival bidders, which may include recent suitor Montpelier Re and earlier unsuccessful bidders like Enstar, it is understood.