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  • US reinsurance broker John P Woods Co has seen its founder defect to rival Towers Perrin only days after parent AJ Gallagher & Co announced it was rebranding its reinsurance operations as Gallagher RE.
  • Risk Management Solutions (RMS) has launched new winter storm and severe convective storm models for North America to assess losses from different weather events.
  • The Securities and Exchange Commission formally opened an investigation into Marsh & McLennan Companies' relationship with its private equity arm, MMC Capital, and its managed Trident investment funds, last month.
  • Converium announced last week (3 October) it has agreed a collateral reduction on its letter of credit facility.
  • Ratings agency Standard & Poor’s (S&P) announced last week (11 May) that it was leaving its A+ rating for world’s largest reinsurer Munich Re unchanged following its recent strong first quarter results (see Insider Week No 172).
  • Reinsurance broker Benfield last week announced results that saw a more than threefold leap in pre-tax annual profits to £31.2mn last year from £9.8mn.
  • We document the latest developments in the regulatory investigations into broker remuneration practices, sparked by the New York attorney general’s 14 October complaint against MMC
  • Chris Fagan, the former chief executive of insurer GoshawK, is behind an attempt from a Japanese private equity house to take the company private.
  • On August 14, Reliance Group Holdings announced a second quarter loss of $504.5mn, reducing the company’s reported shareholders’ equity to $455mn (down from $1.03bn at year end). As of June 30, 2000, Reliance Group had $735.1mn of debt, including $237.5mn
  • The defunct Australian insurer HIH Casualty & General will be able to allege fraud against its broker JLT Risk Solutions over controversial film finance losses written in 1997.