January 2006/3

Deloitte & Touche, the audit firm embroiled in the controversial collapse of aviation reinsurer Fortress Re, has paid out around $100mn to Japanese insurer Sompo as part of a litigation settlement. Fortress Re collapsed after the 11 September...

An end to contract uncertainty has been demanded by the director of the Financial Services Authority’s (FSA) retail firms division David Strachan, as he reserved the right to intervene in the market. Strachan said: “The FSA is absolutely committed...

Lloyd’s insurer Beazley received a welcome boost from analysts Numis Securities after it failed to gain investor backing for a new syndicate last month. Numis has upgraded its rating on Beazley shares from ADD to BUY and increased its price target...

Liberty Syndicates is backing a new consortium providing $250mn of capacity to the satellite market in a venture supported by QinetiQ, the former UK Ministry of Defence laboratory which is set to be floated next month.

AIG expected to settle for over $1bn ; ACE expects $250mn Wilma loss ; SCOR buys Alea Europe renewal rights ; Cook to leave AXIS ; Mexican Wilma losses hit $1.75bn ; Advisen estimates $57.6bn hurricane losses ; et al...