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  • The beleaguered broking giant MMC took further steps to improve its corporate governance rating by firing five senior executives from its board of directors last week.
  • Willis’ hopes that it may be the main beneficiary from any client fall-out at Marsh were boosted last week with the revelation that Fortune brands – a company named in Spitzer’s 14 October lawsuit – appointed Willis to replace the world’s largest broker.
  • PXRE’s Bermudian reinsurance arm PXRE Reinsurance Ltd will have an additional $83mn of capital to support its 2005 underwriting following the group’s successful fund raising.
  • Hurricanes, unresolved WTC losses, unreliable catastrophe modelling, PSAs: these are just some of the challenges faced by the global insurance industry for 2005 according to XL chief executive of Insurance Operations Clive Tobin.
  • US property casualty giant The Hartford announced last Thursday (18 November) that it has bought a $247.5mn cat bond from Cayman Island reinsurance company Foundation Re “to enhance its ability to manage risk related to large natural catastrophes”.
  • The verdict on the latest round of WTC insurance litigation is still hanging in the balance, as Insider Week goes to press.
  • Run-off specialist Helix UK Ltd has been appointed to administer the London Market portfolio of Legion Insurance Company, the programme manager and insurer which collapsed last year following the demise of its parent Mutual Risk Management.
  • Argenta’s new marine Lloyd syndicate will be allocated number 1965 when it begins trading next year, Insider Week can reveal.
  • Broker Aon has stated the potential impact of a mammoth round of energy litigation currently underway in the Royal Courts of Justice.
  • Companies subpoenaed but ratings agencies and observers divided over impact of latest regulatory probe