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April 2005/1

  • Bermuda’s Renaissance Re, one of the industry’s most admired reinsurance companies, has admitted its senior management made mistakes in accounting for a finite reinsurance transaction in its delayed Securities & Exchange Commission 10-K filing.
  • The Securities & Exchange Commission subpoenaed American International Group’s auditor PricewaterhouseCoopers (PwC) last week to examine whether the professional services firm played any role in the allegations of accounting improprieties which have encir
  • The Irish insurance regulators have spoken for the first time on the probes facing the US insurance industry as the spotlight turns to Dublin – the scene of many of the finite reinsurance contracts now engulfed in controversy.
  • Standard & Poor’s has lowered American International Group’s prized credit, debt and financial strength ratings following revelations of the insurance giant’s involvement in “inappropriate financial transactions”.
  • Eliot Spitzer gave a boost to investment legend Warren Buffett last week by supporting Berkshire Hathaway’s contentions that he did not have an intimate knowledge of the controversial $500mn finite reinsurance deal with AIG.
  • American International Group’s new chief executive Martin Sullivan has written to his shareholders as problems continue to mount for the insurance giant.
  • John Molbeck has rejoined the board of HCC Insurance Holdings only weeks after retiring as the chief executive of JLT Group’s US arm Jardine Lloyd Thompson LLC.
  • LCL Group – the run-off manager to debt collections specialist – has appointed former Euclidian Underwriting Ltd chief executive Andrew Holland to become chief operating officer.
  • Rating agency AM Best affirmed its “A” financial strength rating of Employers Re and GE Reinsurance Corporation following a $350mn injection from GE Capital Services and a commitment to provide further support later this year.
  • Days before Lloyd’s is due to publish its 2004 Global financial results, ratings agency Moody’s has predicted that Lloyd’s is likely to produce a profit of £1.2bn – the equivalent of 9 percent of capacity – this year.
  • KPMG is facing a negligence action over its involvement in the collapse of Independent Insurance in 2001, according to reports.
  • Lloyd’s have appointed the former Deloitte & Touche insurance head Celia Denton to its ruling body, the Council of Lloyd’s.
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