September 2005/5

Giant insurer American International Group (AIG) has taken legal action in an effort to seize $20bn of its own shares from the control of ousted former chief executive Maurice “Hank” Greenberg, according to reports today in the Wall Street Journal (WSJ).

Ratings agency Standard & Poor's (S&P) has lowered its outlook on the reinsurance industry to negative from stable, suggesting that company downgrades will outnumber upgrades for the remainder of the year.

US Insurer WR Berkley Corp revealed on Friday (23 September) that it may raise up to $1bn from the issue of debt securities and the sale of stock and other securities. In a filing with the Securities & Exchange Commission (SEC), the company said it...

Ratings agency Standard & Poor's (S&P) has confirmed that its ratings and outlook on legal expenses insurance underwriter DAS remain unchanged. This follows the suspension of members of DAS’s senior management team, after it emerged they were...

A good set of first-half year results for Hardy Underwriting Group was boosted by IFRS accounting rules which improved income by £1mn. The insurer released its interim results for the six months up to 30 June 2005 on 22 September and saw...

JLT Re, the reinsurance arm of Jardine Lloyd Thompson, is continuing to build following the decision to separate it from the brokers other businesses and grow beyond its presence in marine and aviation.

Ratings agencies Moody’s and Standard & Poor’s (S&P) have delivered contrasting responses to Bermudian reinsurer Montpelier Re’s successful $600mn fundraising exercise to fill the hole left by Hurricane Katrina and subsequent flood losses.

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.

Marsh & McLennan (MMC) has reached agreement with more than 30 US insurance regulators over alleged fraud and anti-competitive practices. The charges were levelled by New York attorney general Eliot Spitzer and New York State Insurance...

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++.

It was a bittersweet week for MMC in its negotiations with US regulators to settle the investigations and allegations into the firm’s past business practices. On the one hand, the broking giant entered into an agreement with the National Association...

One month ago it looked like overall capacity would be down at Lloyd’s next year, now with the market changed by Hurricane Katrina the reverse could be true. Although total industry losses and individual insurer losses caused by Hurricane Katrina...