June 2005/1

Lloyd's insurer Catlin has had its issuer credit rating on its Syndicate 2003 downgraded from "a+" to "a" by rating agency AM Best partly over fears of further deterioration on the group’s exposure to legal expenses.

US insurer AIG has had its long-term counterparty credit and senior debt ratings lowered to "AA" from "AA+" by Standard & Poor's (S&P).

Reinsurance giant Swiss Re announced last week that it is streamlining its reporting structures into three units in a bid to focus on "profitable growth and the efficient use of capital".

Insurance private equity firm MMC Capital has rebranded as Stone Point Capital, following the completion of its management buy-out from MMC.

Rating agency Fitch has suggested the UK non-life market should enjoy the good times while it can, warning that the improving fortunes of the sector in the last two financial years are unlikely to be sustained.

Brit Insurance Holdings has replaced Collins Stewart as its joint house broker and corporate adviser, only days after the stockbroking firm’s chief executive became embroiled in a war of words with the Association of British Insurers (ABI).