Midwestern reaction to the bail out of insurance giant American International Group (AIG) varies by regions and officials. In Chicago Mayor Richard Daley is not happy about the Federal Reserve Bank’s decision to provide an $85 million bailout of insurance …
Lost by many in the week’s financial markets’ nightmare were ghosts of Wall Street past. Some in business and politics are blaming the need for Tuesday’s historic federal bailout for American International Group Inc.’s on the relentless pursuit of AIG …
Liberty Mutual Group announced that the Washington insurance commissioner has approved Liberty Mutual’s acquisition of Safeco, which was the last approval required for Safeco’s acquisition by Liberty Mutual. The acquisition of Safeco is scheduled to close on Monday, Sept. 22, …
American International Group Inc., which narrowly escaped financial collapse this week, on Thursday said it had named Edward Liddy as chairman and chief executive. Liddy succeeds Robert Willumstad, who is leaving after three months on the job, and in the …
The troubled U.S. flood insurance program would be temporarily extended for seven months under legislation introduced in Congress Thursday, buying time for lawmakers to work out deep disagreements over reforming the debt-burdened program. The short-term extension would prevent the National …
In the face of rising space insurance premiums (up at least 15 percent), Aon announced that it has “worked with Inmarsat to maintain pre-increase pricing for the successful launch of its I-4F3 satellite on board a Proton rocket.” Aon noted …
Marsh has appointed Julie Page as Head of its UK Commercial Practice, which serves the UK’s small and medium sized enterprises (SME) sector. She will report to Ian Clarke, Chief Operating Officer of Marsh UK and succeeds Chris Wallace who …
Bermuda-based Platinum Underwriters Holdings announced that its initial loss estimate from Hurricane Gustav of approximately $15 million, net of reinstatement premiums and tax benefit. The Company stressed that the “loss estimate from Hurricane Gustav is preliminary and based on portfolio …
A.M. Best Co. has placed the debt ratings of “bb” on Series 2008-1, Class A $150 million principal at-risk variable rate notes of Newton Re Limited, “bb+” on Class B Series 2007-1, $250 million principal at-risk variable rate notes of …
Zurich Financial Services Group announced the completion of the acquisition of a 50 percent stake in the insurance operations of Spain’s Banco Sabadell S.A. and the establishment of a long-term strategic distribution partnership with the country’s fourth largest bank. Zurich …
