California fires top $US500 million in losses
24 November 2008
California-based catastrophe modeller Eqecat has estimated property losses from this month’s three California wildfires to top $US500 million ($780 million)...
International
RSA unveils new business segment
24 November 2008
British-based general insurer RSA has unveiled three new business units to operate under its commercial division in response to feedback from brokers...
AIG pays to keep staff
24 November 2008
AIG will pay employees $US500 million ($780 million) of earned but deferred pay under a voluntary salary plan to keep them from quitting the company...
Lloyd’s warns of increased litigation risk
24 November 2008
Class actions, forum shopping and third-party litigation funding are all on the increase in Europe and the US, according to Lloyd’s...
Europeans likely to delay Solvency II implementation
24 November 2008
Implementation of Solvency II regulations across Europe is likely to be delayed until 2013, with participating nations unlikely to be prepared in time for the original date of inception...
Lloyd’s to bypass regulatory hurdles
24 November 2008
Lloyd’s will undergo a modernisation to reflect changes in the regulatory environment...
AIG bailout package upped to $US150 billion
17 November 2008
The US Government has restructured its bailout of AIG, increasing its financial rescue package to $US150 billion ($228 billion)...
… as it records a record loss
17 November 2008
AIG reported a $US24.47 billion ($38.27 billion) net loss for the third quarter, compared to a profit of $US3.09 billion ($4.8 billion) for the third quarter of last year...
Zurich profit plummets
17 November 2008
Zurich Financial Services has reported a 90% drop in profit for the third quarter due to the financial crisis and an expensive US hurricane season...
Bank drags Allianz down
17 November 2008
Allianz may have finally sold Dresdner Bank, but losses from the bank have forced the German insurer to abandon forecast earnings for its life insurance and asset management businesses...
Hurricanes batter Liberty Mutual earnings
17 November 2008
A $US697 million ($1.08 billion) liability from Hurricanes Ike and Gustav has blown a hole in third-quarter earnings at Liberty Mutual Group, with the insurer haemorrhaging 98.5% of…
UK seeks future vision for insurance
17 November 2008
The British Government has set up a new industry group to focus on the long-term needs of the insurance and investment industry...
Verdict out on insurance comparison websites
17 November 2008
A Financial Services Authority review of British insurance comparison websites has found most sites are improving but some still have a way to go...
ING achieves an unwanted ‘first’
17 November 2008
Dutch group ING reported its first quarterly loss last week, as it wrote down the value of investments impacted by the market crisis...
Canadians pounce on AIG and its directors
17 November 2008
A Canadian law firm is mounting a class action against AIG, claiming it has caused “massive losses to Canadian investors”...
Buffett set to buy Dexia’s bond insurance unit
17 November 2008
The insurance businesses of billionaire investors Warren Buffett and Wilbur Ross are close to buying all or part of Financial Security Assurance, the US bond insurance unit of Dexia bank...
Natural and investment catastrophes hit Munich Re
10 November 2008
No 1 global reinsurer Munich Re has cut profit targets for the second time in four months as it reported disappointing third-quarter results on Friday...
… and Swiss Re goes the same way
10 November 2008
Reinsurer Swiss Re has reported a surprising third-quarter loss, hurt by lower investment performance and a higher level of catastrophe claims...
Insurance falls buffet Berkshire Hathaway
10 November 2008
Falling revenue from US investment company Berkshire Hathaway’s insurance operations has been the major contributor to a 77% fall in third-quarter profit...
Third-quarter losses for Hannover Re
10 November 2008
The worsening financial crisis and higher than average catastrophe losses have taken their toll on Hannover Re...