December 2003/3

There was more insurance industry courtroom drama last week with a mammoth case management conference for the film finance litigation.

The promotion of Donald Kanak as AIG’s joint vice chairman and co-chief operating officer has muddied the succession issue of Maurice “Hank” Greenberg, the septuagenarian patriarch of the world’s most valuable insurance company.

Willis – the world’s third largest broker – announced last Thursday (4 December) it had successfully completed a finance deal providing it with $600mn unsecured credit facilities, made up of a $450mn term loan and a $150mn revolving facility.

The French and US governments look set for a courtroom showdown after failed attempts to settle a dispute over Credit Lyonnais’ 1991 takeover of failed Californian insurer Executive Life.

A number of significant commutations and buy-back settlements have reduced Equitas’ reinsurance income, the run-off reinsurer revealed last week when publishing its six months summary financial income.