July 2003/2

Bermudian post 9/11 start-up Montpelier Re has tied up a $450mn funding arrangement to support its letter of credit needs.

SCOR has responded with dismay after ratings agency S&P downgraded its financial strength rating below the critical A- level last week.

UK insurer Royal and Sun Alliance (R&SA) has fought back against last week’s downgrade by ratings agency Moody’s, expressing its disappointment that “delivered improvements to date are not more fully taken into account.”