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...
International
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...
S&P downgrades ratings on AIG subsidiaries
10 November 2008
Credit ratings agency Standard & Poor’s has downgraded the ratings of a number of AIG property and casualty subsidiaries from “developing” to “negative”...
Marsh’s restructuring affects profit
10 November 2008
Marsh & McLennan has posted a third-quarter loss on restructuring changes, reversing its strong profit rise from a year ago...
Global D&O losses to push up premiums
10 November 2008
The subprime meltdown and global credit crisis will have a major impact on directors’ and officers’ insurance, with losses predicted to far exceed earned premium...
XL Capital posts large third-quarter loss
10 November 2008
Bermuda-based insurer XL Capital has posted a quarterly net loss of $US1.65 billion ($2.45 billion), which is in line with preliminary estimates...
All directors go as Fortis changes course
10 November 2008
Banking and insurance group Fortis will elect a new board of directors and CEO at its upcoming AGM after its spectacular rescue by three European governments in September...
Premiums will have to harden, says Benfield
03 November 2008
Leading reinsurance broker Benfield says pricing trends in the global reinsurance market are shifting as the market approaches the January 1 renewal season...
Reinsurers signal turn in the cycle
03 November 2008
German reinsurers say the reinsurance market cycle is turning and expect substantial rate rises to start flowing through...
Bermuda insurers take a hammering
03 November 2008
Bermuda-based insurer Ace has been hit by financial market volatility in the credit and equity markets in the third quarter, with net profit down 92% from last year to $US54 million…
Top US brokers fall
03 November 2008
Aon Corporation has recorded total revenue growth of 6% during the third quarter as the No 2 global broker banked a $US117 million ($175 million) net profit...
Thanks but no thanks, say US insurers
03 November 2008
US insurance associations have rejected as unnecessary a Treasury plan to include insurers in a $US700 billion ($1.042 billion) rescue package...
US urged to centralise insurance regulation
03 November 2008
Financial services industry representatives have urged the US Congress to give the Federal Government a wider role in regulating the nation’s insurance industry…
US third-quarter cat losses among worst in a decade
03 November 2008
Property and casualty insurers in the US will pay $US11.5 billion ($16.9 billion) in third-quarter catastrophe claims, the fourth-largest insured property loss for that period since 1998...
Bank takes the cash for life insurer
03 November 2008
Swiss Re has paid £762 million ($1.8 billion) cash for the life insurance operation of troubled UK bank Barclays...