A unit of European financial services giant ING Groep NV is selling a C$1.75 billion (US $1.41 billion) chunk of its ownership stake in ING Canada, the companies said Tuesday. The ING Groep subsidiary will sell C$850 million (US $684.5 …
Iowa Gov. Chet Culver has signed into law a $56 million package designed to help Iowa recover from last summer’s record flooding, but he cautioned that the measure was only one step in a long recovery process. “The good news …
Gov. Steve Beshear says he will ask President Barack Obama to declare a major disaster in Kentucky, which will open the state to immediate federal financial assistance in the wake of last week’s devastating ice storm. The governor said the …
Investors have punished Swiss Re this year on fears it could write down further billions of dollars of toxic assets. A lack of transparency from the world’s second-largest reinsurer is adding to worries. “We think the downwards trend is set …
Bermuda-based Aspen Insurance Holdings Limited will release its fourth quarter and year-end 2008 financial results today, Wednesday, February 4, 2009, following the close of U.S. markets. The Company will hold a conference call to discuss its financial results on Thursday, …
Steamship Mutual, a leading International Group P&I Club, which provides marine liability insurance worldwide, has released its latest loss prevention DVD called “COLLISION COURSE”, an informative film about avoiding collisions at sea. Edward Stourton presented the 40-minute film, which Steamship …
A.M. Best Co. has placed the issuer credit rating (ICR) of “bbb-” of Cayman Islands-based Ironshore Inc. and the ICR of “a-” and financial strength rating of ‘A-‘ (Excellent) of its operating subsidiaries under review with negative implications. The operating …
A report from Standard & Poor’s Ratings Services entitled, “Tough Times Will Challenge Russian Insurers In 2009-2010”, published on its RatingsDirect web site, concludes that “Russia’s insurance market is still developing and will come under unprecedented stress in 2009-2010 in …
The U.S. Senate Tuesday defeated a provision to slash the tax rate on profits that companies bring into the United States from overseas, voting not to include it in the economic stimulus package. The measure would have temporarily cut the …
ACE Limited reported net income for the fourth quarter ended December 31, 2008, of $20 million, a 96 percent decline from the $572 million the group posted in the same period of 2007. The company recorded net losses on investments …
