The National Flood Insurance Program (NFIP) says it needs to borrow an additional $5.6 billion to cover claims and expenses for 2006. Projections indicate that its payments will reach its existing $18.5 billion borrowing limit by early- to mid- February …
Alpharetta, Ga.-based ChoicePoint Inc., an insurance and data services provider, has agreed to pay $15 million to settle Federal Trade Commission charges that the company mishandled records and violated consumers’ privacy rights. At the same time ChoicePoint reported it had …
Germany’s Allianz Group, investment bank Goldman Sachs and American Express Company, have agreed to jointly acquire a 10 percent stake in China’s largest bank, Industrial and Commercial Bank of China Limited (ICBC). The deal, valued at around $3.78 billion, envisions …
France’s AXA Group reported excellent results for the last quarter of 2005 and a full year increase in gross revenues of 6.9 percent. Overall sales rose from €67 billion ($33.72 billion) in 2004 to €71.7 billion ($87.56 billion). Asset Management …
The Lloyd’s delegation, currently attending the World Economic Forum in Davos, Switzerland, will be part of a panel discussion examining one of the “three main themes of the event -” the rise in global risks and how to manage them. …
Old Mutual’s protracted efforts to acquire Skandia, Sweden’s largest insurer, has ended in success. The South African and U.K.-based company announced that it has declared the offer to acquire Skandia’s shares to be “unconditional,” which locks in the purchase of …
Clive Tobin, chief executive responsible for XL Capital Ltd.’s insurance operations, announced the appointment of Eileen McCusker as the new chief operating officer for the UK and Ireland. She has been with the XL group for 15 years and will …
Standard & Poor’s Ratings Services announced that it has assigned its preliminary “BBB” senior debt, “BBB-” subordinated debt, “BB+” junior subordinated, and “BB+” preferred stock ratings to Endurance Specialty Holdings Ltd.’s (ENH) recently filed universal shelf registration. “The ratings reflect …
Bermuda-based Platinum Underwriters Holdings Ltd. announced that Robert S. Porter will be appointed chief executive officer of its Bermuda reinsurance subsidiary, Platinum Underwriters Bermuda, Ltd., pending approval of the Bermuda Department of Immigration. He currently serves as CEO and managing …
A.M. Best Co. announced that it has affirmed the financial strength rating of “A-” (Excellent) and the issuer credit rating of “a-” of Hong Kong-based China International Reinsurance Company Limited (CIRe) with a stable outlook. Best’s announcement concerned only CIRe, …
