October 2005/2

As the industry begins to question the reliability of catastrophe loss modellers in the wake of Hurricane Katrina’s devastation, there is still great variation on the estimates of the losses.

Aon UK has confirmed that it is to lose up to 750 jobs in a major restructuring of its Risk Services and Specialty divisions. As revealed by Insider Week on 26 September, the broker is to place its employees into “consultation” which is expected to...

Despite warnings that Hurricane Katrina could trigger CAT bonds it seems likely that most will be unaffected. It seemed that a number of CAT bonds were under threat as Katrina made its way across the Gulf of Mexico (GOM) as a Category Five storm.

MMC’s London based wholesale arm Price Forbes is in advanced management buy-out talks, The Insurance Insider can reveal. The move follows New York attorney general Eliot Spitzer’s investigations into the industry which have led to MMC’s rivals Aon...

The growing frequency of downgrade clauses could trigger a run on the bank if the rating agencies react with a slew of negative actions. The threat of a Post-Katrina liquidity crunch has grown as the rating agencies have become more aggressive...

Fundraising total tops $3.5bn, with further moves imminent Although a fresh wave of (re)insurance start-ups is not expected to wash onto the shores of Bermuda, the island has once again led the way in capital raising, as the industry responds to...

The former MMC chief executive Jeffrey Greenberg has established a private equity investment company Aquiline Investment Group that will back insurance and financial services companies, The Insurance Insider can reveal.

In our regular monthly London News Digest, we round up key stories from the last month, presenting them to you in easily digestable snippets.

In our regular monthly International News Digest, we round up key stories from the last month, presenting them to you in easily digestable snippets.

Lloyd’s members’ agency CBS Private Capital has decided to restructure its new investment fund Insurance Capital Partners (ICP) after failing to excite sufficient investor interest. Launched with much fanfair this summer, Insurance Capital Partners...

The City of London police are conducting an investigation into allegations of fraud at Lloyd’s broker Besso Ltd after the company discovered irregularities in some client funds’ accounts, The Insurance Insider can reveal.

To avoid the threat of downgrades, Bermuda’s (re)insurers are being forced to tap the capital markets Bermuda’s (re)insurers are rushing to the capital markets to repair the damage Hurricanes Katrina and Rita have wreaked to their balance sheets and...