Torotrak PLC Share News (TRK)

Shares in gearbox designer Torotrak motored ahead after it reported that its outdoor power equipment joint venture with US group MTD has been replaced with new licensing arrangements, including an additional $1.6m (£1m) in payments to Torotrak.Omega Insurance Holdings has increased its estimate of the loss is likely to suffer from the New Zealand earthquake from $6.2m to $16.8m, net of reinstatement premiums and before profit commission effects.Any exposure to the ongoing Australian floods would be predominantly from Omega's property treaty reinsurance account, however, at this early stage there is little reliable loss data, the company said.Fund manager Polar Capital has decided to close down its Discovery Fund and return all monies to investors within four weeks. The closure will result in Polar Capital's £3.5m investment in the fund also being returned as cash to the company, resulting in an investment loss of around £0.6m. This loss is currently more than offset by other realised and unrealised gains from the company's other investments, and it remains confident of meeting its expectations for the full year ending 31 March 2011. Total assets managed by the Discovery team at 31 December 2010 totalled $48m.