Fortunes fade for US reinsurance group
08 December 2008
The Reinsurance Association of America – which is made up of 20 US reinsurers – has reported a $US2.7 billion ($4.2 billion) net profit during the first nine months, which is almost…
International
The buck stops here: AIG CEO gets $US1
01 December 2008
AIG will limit the pay of top executives following criticism by US politicians, and CEO Edward Liddy has decided to pay himself an annual base salary of just $US1 ($1.50) for 2008 and…
Ace launches Swiss insurance company
01 December 2008
Former Bermuda-based insurer Ace has established a new subsidiary in Switzerland after moving company headquarters to Zurich in July...
Ship piracy insurance skyrocketing
01 December 2008
Overseas reports show insurance costs for merchant ships navigating the piracy-prone area around Somalia have risen significantly as yet more ships are hijacked...
Insurers remain unscathed from credit crunch
01 December 2008
Insurers have remained largely unscathed from the problems facing the financial services industry, despite being major players in the financial market, says a report by Swiss-based…
Axa cuts profit forecast
01 December 2008
Axa has cut a full-year profit forecast and says a continued economic downturn may render a long-term growth target obsolete...
Loss estimate points to life in jail for convicted Gen Re/AIG execs
01 December 2008
Five former Gen Re and AIG executives convicted of fraud have argued against advisory rulings that could see them spend life in prison...
Reinsurer’s rates predicted to rise
01 December 2008
While reinsurers have built up excess amounts of capital during two successive years of record profitability, they will now start to feel the crunch from catastrophe losses…
It tried going Dutch, now Aegon wants a US handout
24 November 2008
Aegon has asked the US Government for more than $US1 billion ($1.57 billion) in funds, less than a month after receiving €3 billion ($5.9 billion) in capital from the Dutch Government...
Sharp decline in US insurers’ results
24 November 2008
The US property and casualty insurance industry watched profit plunge 77% during the first nine months of the year, according to a report by Fitch Ratings...
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)...
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...