September 2005/5

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.

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.

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...

The (re)insurance industry has continued its assessment of the likely financial impact of hurricane Katrina, the category 4 storm that brought devastation to New Orleans and the US South late last month.

Broking giant Aon Corp is expected to announce extensive job cuts in its UK operations as it emulates its rivals Marsh in reducing its headcount in response to the sluggish rating environment and post-Spitzer impact upon commissions.

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...

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 industry needs to be prepared for the $100bn storm according to risk assessment experts who last week warned (re)insurers over issues caused by both the rising cost and frequency of hurricane driven catastrophes in the United States.