Bermuda’s ACE Limited confirmed earlier earnings announcements when it posted net income for the fourth quarter ended Dec. 31, 2004 of $282 million or 94 cents per common share after payment of preferred dividends, compared with net income of $444 …
The State Farm Insurance Bank is embroiled in a turf war which pits North Carolina regulators and the federal Office of Thrift Supervision to determine who has jurisdiction over State Farm’s sale of $100,000-plus CDs, known as “Jumbo CDs.” In …
South Carolina Gov. Mark Sanford has chosen Elanor Kitzman, founder and past president of Driver’s Choice Insurance Services, of Columbia to head South Carolina’s Insurance Department. Kitzman has been active in the South Carolina insurance industry, and a member of …
Swiss Re’s chief economist Kurt Karl endorsed the 25 basis point (bp) Federal Reserve increase in the target fed funds rate to 2.5 percent. “Slow and steady wins the race,” he noted. “We still believe that the Fed’s most likely …
Lloyd’s has updated its estimates of potential losses from the tsunamis that struck 12 countries around the Indian Ocean at the end of December to approximately £100 million ($188.4 million). In a previous statement on Dec. 29 Lloyd’s said it …
Assurex Global — the world’s largest privately held risk management and commercial insurance brokerage group – announced that it has expanded its worldwide presence with the addition of international broker Partners in Cork, Ireland; Mumbai, India; Lima, Peru; Caracas, Venezuela; …
Zurich Financial Services Group announced that effective Jan. 31, 2005 Zurich London has been renamed “Zurich Global Corporate UK.” Zurich noted that the change “is in line with the strategic direction announced in April 2004 and the subsequent corporate reorganization …
Standard & Poor’s Ratings Services announced that it has revised its outlook on Arch Capital Group Ltd. to positive from stable, and has affirmed the group’s its “BBB-” counterparty credit rating. “The outlook was revised to reflect Arch and its …
Houston-based HCC Insurance Holdings Inc. announced that it has reached an agreement to acquire the remaining 66 percent interest that it doesn’t currently own in the common shares of the U.K.’s DeMontfort Group of companies. The bulletin said the “transaction …
Standard & Poor’s Ratings Services announced that it has affirmed it’s ‘A-‘ counterparty and financial strength ratings assigned to Allianz Mexico Compañía de Seguros S.A. (AZMX). S&P said it has also “affirmed its ‘mxAAA’ counterparty and financial strength Mexican national …
