Tales abound of former Faraday boss Nigel Barton returning to the Lloyd's market.

But it seems that reports of his forming a new syndicate may have been premature.

Barton quit after a clash of opinion with Joseph Brandon, chief of Faraday's owners, General Re.

Now, sources close to the ex-chief executive suggested he was looking to start a new underwriting operation towards the end of the year - and not necessarily a new syndicate.

One associate said: "He's off to South America for a few months, but he'll probably start exploring his options when he's back.

"I know he's interested in tapping slightly different sources of capital and doesn't want to be just another `me too' operation."