A Chinese fund manager has won a lunch with famed U.S. investor Warren Buffett after bidding $2.11 million for the opportunity in a charity auction, more than three times what the lunch fetched last year. Zhao Danyang, who runs Hong …
A company that sold the foam blamed for fueling a Rhode Island nightclub fire that killed 100 people has agreed to pay $6.3 million to settle lawsuits from survivors and victims’ relatives, according to court papers filed last week. The …
The state’s high court has backed a 2006 law that applies harsher penalties to drivers who refuse to take a Breathalyzer test. Before the law passed, nearly 85 percent of suspected drunken drivers were refusing the test. The law doubled …
Standard & Poor’s Ratings Services has raised its counterparty credit rating and insurer financial strength rating on Taiwan-based Mingtai Fire & Marine Insurance Co. Ltd. to ‘AA-‘ from ‘A’ and assigned a stable outlook. S&P said the “rating actions reflect …
Standard & Poor’s Ratings Services has assigned its interactive Lloyd’s Syndicate Assessment (LSA) of ‘3-‘ (average dependency) to U.K.-based Montpelier Syndicate 5151 with a stable outlook. S&P said the “assessment is based on the syndicate’s strategic importance to Montpelier Reinsurance …
A.M. Best Co. has affirmed the financial strength rating of ‘A-‘ (Excellent) and the issuer credit rating (ICR) of “a-” of Bahrain-based Trust International Insurance & Reinsurance Company (Trust Re) with stable outlook s. “The ratings reflect Trust Re’s strong …
Aon Risk Services announced the opening of a new Mergers and Acquisitions (M&A) service for private equity, sovereign funds, business-to-business, real estate and infrastructure funds based in the Middle East and North Africa (MENA) region. The launch of the new …
Bermuda-based AXIS Capital Holdings Limited has appointed Michael Steel as Executive Vice President and Chief Risk Officer, a newly created position, effective July 1, 2008. He will be based AXIS’ London office and will report directly to John Charman, CEO …
“Credit crunch pain continues with sharp falls in profitability and business activity for financial services,” says a recently released Financial Services Survey from the Confederation of British Industry (CBI). The impact of the credit crunch on the UK financial services …
An attorney and accountant have been charged with participating in a “rent-a-patient” scam described by authorities as the largest medical insurance fraud case in the nation. Roy Chester Dickson, 60, of Yorba Linda, Calif., and Andrew Robert Harnen, 54, of …
