December 2003/3

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.

Putnam Investments announced last week that its assets had plunged by more than $32bn in November following allegations of fraud and irregular trading.

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.

Rating agencies rallied around beleaguered SCOR after the French reinsurer had its EUR750mn rights issue endorsed by 91 percent of shareholders at an extraordinary general assembly last Monday (1 December) and announced a complete exit from credit derivat

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