September 2003/4

A new $550mn capitalised (re)insurer is set to be launched later this year with backing from US private equity houses and management shipped in from Swiss Re, Insider Week can reveal.

Munich Re executives met with some of London’s leading insurance analysts last week as the reinsurer sought to reassure the City in the light of its shock downgrade by rating agency Standard & Poor’s.

Embattled reinsurer ESG Re is suing accountancy firm Deloitte & Touche (D&T) and its Irish based partner Mary Fulton following its decision to resign as the company’s auditors last year.

The $10mn fine handed to AIG last week was a further sign that US regulators are scrutinising the industry’s penchant for complicated financial instruments.