September 2005/4

Embattled UK quoted reinsurer Alea Group Holdings (Bermuda) Ltd has cancelled a rescue fund raising plan following AM Best’s decision on 23 September to downgrade the firm’s financial strength rating from A- to B++.

The world's largest insurer AIG yesterday (20 September) released its estimated catastrophe losses for the third-quarter, primarily due to Hurricane Katrina, of around $1.1bn post-tax.

Three Japanese insurers will receive large cash settlements from Deloitte & Touche LLP because of the company’s auditing role in the collapse of controversial US aviation reinsurance company Fortress Re.

Standard & Poor’s (S&P) has downgraded its rating on Lloyd’s reinsurer Advent Underwriting following news that its losses from Hurricane Katrina are equivalent to 40 percent of its total capacity.

Broker Glencairn has today opened a new South African office in Johannesburg and launched a new company providing a broking service to Southern African clients. The move follows Glencairn’s 2003 management buy-out from Glenrand MIB group, since...

Margins up at Equitas On 12 September, Insider Week stated that Equitas’ insolvency margin had increased. This was incorrect. The opening paragraph of the story should have read: Equitas announced its annual results for the year ended 31 March 2005...

London headquartered reinsurance specialist BMS Group has appointed Andrew Harrris as the new chief executive of its Singapore based operation, BMS Asia Intermediaries Pte Ltd.

Chaucer announced record interim results today (19 September) with pre-tax profits up 79 percent to £35.8mn for the six months ending on 30 June 2005. The results were well ahead of forecasts and largely due to excellent performance in the motor...

The former GoshawK chief executive Chris Fagan is set to acquire the run-off Bermudian reinsurer Overseas Partners Re Ltd (OP Re) with backing from Japanese private equity house Nikko Principal Investments Ltd.

Berkshire Hathaway looks set to acquire Sompo Japan Insurance Inc’s run-off portfolio, Insider Week can reveal. According to sources, Berkshire Hathaway has trumped UK run-off acquisition specialists Ruxley Ventures who had tabled an alternative...

Arab Insurance Group (ARIG) announced the formation of Islamic reinsurer Takaful Re today (19 September) with $125mn of paid up capital and up to $500mn of authorised capital. Based in the Dubai International Financial Centre, Takaful Re will be the...

New York attorney general Eliot Spitzer has formally charged eight former Marsh & McLennan executives after an investigation into bid rigging and price fixing. William Gilman-executive marketing director and enforcer of Marsh’s placement service...