Failed Japanese insurer Chiyoda Life is reportedly seeking damages from former Directors and Officers, alleging that their mismanagement was responsible for the company making risky investments, principally in real property, which led to catastrophic losses, and forced Chiyoda to file …
According to London’s Financial Times, Dutch financial services and insurance giant ING is reportedly ready to sell its U.K. based stockbrokerage unit, Williams de Broe, to Belgium’s Artesia Banking Corp. for an amount estimated at between £60 and £100 million …
Struggling U.K. Mutual insurer Equitable Life has reportedly been having talks with pension fund managers aimed at capping the expected losses from guaranteed annuity payments it has been ordered to make. The talks are aimed at giving potential buyers reliable …
Zurich Financial Services announced that it has acquired a 10 percent stake in China’s fourth largest life insurance company, New China Life, for $ 39 million. Zurich is part of a group of investors which includes the World Bank International …
Fitch rating agency has published a report affirming the ‘AAA’ rating of Swiss Re Mexico S.A., and its subsidiary Reaseguros Alianza Panama, S.A., which is in runoff, at ‘A.’ The brief announcement notes the strong commitment of parent company Swiss …
XL Mid Ocean Re’s CEO, Henry C.V. Keeling, speaking during an investment conference call organized by Merrill Lynch, said he believes that “excess of loss reinsurance pricing increased in line with the market’s expectations during the year-end 2000 renewal season.” …
The U.K.’s Royal & Sun Alliance has reportedly taken the ultimate sanction, termination of employment, against at least 10 employees in its Liverpool office following the discovery that they were involved in sending e-mails featuring cartoon characters Bart Simpson, Kermit …
According to a report from Xinhua, the official Chinese news agency, the China Insurance Regulatory Commission has opened an official website at : www.circ.gov.cn. The site will provide the latest information about CIRC directives, “official announcements, insurance laws and regulations …
Munich American Reassurance Company, a wholly owned subsidiary of Germany’s Munich Re, has completed the previously announced purchase of CNA Financial Corporation’s life insurance business, CNA Life Re and Agora Re.com. The acquisition doubles MARC’s business in the U.S., and …
As of January 2 AXA Financial Inc., officially ceased to be an independent company and became a wholly owned subsidiary of its French parent The AXA Group. Its shares are no longer listed on the NYSE. AXF, the Group’s U.S. …
