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The week's losersWellington down 3.6%Hiscox down 3%The cash-raising season continues. The once-mighty Munich Re followed the likes of Royal & SunAlliance (R&SA) to announce a suitably mammoth rights issue.The world's biggest reinsurer plans to raise ¤3.8bn (£2.6bn) in a two-for-seven offer after taking a round of knocks from rating agencies.Down to a mere A+ in Standard & Poor's book after five consecutive quarters of losses, the German giant is hitting back and aiming for a AA rating.Among shareholders, banking group HVB plans to take up its full allocation but Allianz, which owns 13.6%, said it would continue its softly-softly retreat from the company by taking up only half the shares to which it is entitled, leaving its holding at 12.5%.Munich Re ruled out acquisitions and said it would use the capital to boost its core business.But Munich Re is not alone in its troubles. The difficulties facing the reinsurance industry were underlined again when Munich's rival Swiss Re was this week downgraded to A+ by AM Best.On R&SA's £960m rights issue, the group said investment banks underwriting the issue had placed all outstanding shares, after last week's announcement that the company received a 92% take-up rate for the issue of new stock.Back in broking land, Marsh's parent MMC reported positive third quarter numbers.Revenues were up by 11% to $2.8bn and net income was 19% higher at $357m in the three months to 30 September from $299m in the same period last year.The boost came mainly from risk management and broking with revenues from this sector, up by 15% to $1.6bn, the group said. MMC shares were up by 28¢ at $48.38 in New York on Monday.