A German court cleared the way for Commerzbank to strengthen its cross holdings with Italy’s largest insurer, Assicurazioni Generali, by issuing additional shares, which will double its stake in Germany’s 4th largest bank to 10 percent. The court found that …
The Association of British Insurers has published “Insurance Statistics Yearbook,” covering the years between 1989 and 1999. It offers comparisons of the different years and traces the growth of the industry. The figures show, for instance that “Insurers collected £543.6 …
Bermuda based XL Capital Ltd. announced the formation of “a new unit, Element Re, to provide risk management insurance, reinsurance and financial products.” “Element Re will offer customers a range of non-catastrophic weather risk mitigation products designed to protect against …
Pittsfield, Mass.-based Berkshire is now providing a full line of insurance solutions available through the Gold Leaf Insurance Agency, a wholly owned subsidiary of Berkshire Bank. Gold Leaf provides insurance for auto, home, business, life and long-term care coverage available …
The law firm of Milberg Weiss Bershard Hynes and Lerach announced that a class action lawsuit was filed on August 31 on behalf of purchasers of The Chubb Corporation common stock during the period between April 27, 1999 and October …
The American College and LUTC Inc. have approved a plan that will combine both organizations into a educational organization serving the financial services industry. The plan will combine the LUTC’s life insurance sales training expertise with The American College’s academic …
Markel Corp. has reached an agreement in principle with Reliance Group Holdings to acquire the renewal rights to Reliance’s Child Care book of business and certain segments of Reliance’s Social Services and Healthcare Liability books. In addition, The Hartford Financial …
Former executives at an Aon Re Inc. unit have broken ties with the reinsurance intermediary to start an independent firm. Axiom Intermediaries began operations in Burlington, N.C. as an independent, privately held reinsurance broker. The company is a full-service treaty …
International Bancshares Corp. has completed its entry into the insurance industry with the creation of a wholly owned insurance subsidiary under its lead bank, International Bank of Commerce-Laredo. As part of the formation of the new entity, which is called …
Medical Community Insurance Co. (MCIC) of Houston, a physician-owned company that specialized in major medical insurance for small employers in Texas, has been placed in temporary receivership. Judge John Dietz of the 353rd District Court in Austin signed a temporary …
