The London Stock Exchange halted trading in the shares of Britain’s Independent Insurance Group plc pending the announcement of a rights issue aimed at shoring up the troubled insurer’s capital base. Independent has been in financial difficulty since last February …
In celebration of its 20th anniversary as a captive domicile, Vermont marked the occasion with passage of two important enhancements to its captive statutes. Both chambers unanimously approved the two initiatives–one a series of technical amendments to the sponsored captive …
Despite strong opposition from the business community, the California State Senate narrowly approved a trial-lawyer sponsored measure that will give public access to potentially all information exchanged during the civil discovery process. The American Insurance Association (AIA), along with a …
J. Michael Nolan, senior vice-president, general counsel and secretary of Argonaut Insurance Company, was named the new president of the California Workers’ Compensation Institute. The CWCI is an Oakland-based nonprofit organization that provides research and information about California’s $9-billion-a-year workers’ …
Tillinghast-Towers Perrin, a provider of risk management services for the financial services industry, announced the release of a new version of its dynamic financial modeling software, TAS:P/C 2001, a core component of the firm’s RiskValueInsights(TM) suite of risk management products …
The National Association of Insurance Commissioners (NAIC) will hold its Summer National Meeting in New Orleans, La., this weekend. After considerable deliberation, the Meetings Coordination Task Force decided against holding the meeting in San Francisco. At the request of the …
Chicago-area agents and brokers received updates on how e-commerce, the Internet and technology are reshaping how business is done during a seminar yesterday sponsored by The St. Paul’s technology underwriting unit. Jon Farber, senior underwriting director for the company, noted …
Michigan-based Rouge Industries Inc’s. principal operating subsidiary, Rouge Steel Company, and its primary insurer, FM Global, have settled all outstanding insurance claims related to the Feb. 1, 1999, Rouge Complex Powerhouse explosion and fire. The settlement’s final result was a …
Sovereign Risk Insurance Ltd., a joint venture between two subsidiaries of Bermuda’s ACE and XL, announced a “strategic alliance” with Panama-based Banco Latinoamericano de Exportaciones, S.A. (BLADEX), “designed to expand and enhance its Country Risk Guaranty program in Latin America …
Standard & Poor’s “assigned its double -‘A’ financial enhancement rating (FER) to Zurich-based Allianz Risk Transfer (ART),” an Allianz AG subsidiary which specializes (naturally enough) in setting up alternative risk transfers as part of its commercial risk management operations. “This …
