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  • Willis has announced a second offering for the sale of 6.1 million shares currently held by Kohlberg Kravis Roberts (KKR) and Fisher Capital.
  • Omega Underwriting Holdings plc is the latest Lloyd's insurer to unveil a rights issue and plans to form a Bermudian platform to access short-tail catastrophe business following the trio of hurricanes that raged this autumn.
  • American International Group (AIG) is to restate its financials for the second time this year after finding an additional £500mn of income through accounting errors.
  • Berkshire Hathaway announced its third quarter net earnings were $586mn, or $381 a share, down 48.5 percent from the $1.14bn, or $739 a share, for the same period in 2004.
  • Lloyd's insurer Hiscox plc has announced a £170mn rights issue and the formation of a $500mn capitalised Bermudian (re)insurer to exploit the post-storms rating environment.
  • Talanx is reported to have trumped the aggressive US buy-out firm Cerberus Capital Management for the prize of fellow German insurer Gerling Group.
  • It was a mixed bag as the big three global brokers announced their third-quarter results last week.
  • Swiss reinsurer Converium will delay its third quarter results because it is restating its financial accounts after an internal review.
  • Three Lloyd’s insurers all expected to announce post-Katrina fund raising initiatives updated their third quarter storm loss estimates last week, in moves widely seen as “deck-clearing” exercises.
  • Lloyd’s have appointed the executive headhunter firms Russell Reynolds and Spencer Stuart to advise them on their search to replace the departing Nick Prettejohn.