A timely report (See above article) from Aon Risk Services warns that “ship-owners navigating the Gulf of Aden are seeing insurance premiums for kidnap and random (K&R) increase tenfold as piracy escalates. This means ship-owners could be paying $30,000 premium …
Moody’s Investors Service cut its credit ratings on Berkshire Hathaway Inc from Aaa, the top rating, saying the recession and investment losses at insurance operations of investor Warren Buffett’s holding company reduced its ability to support funding needs. Wednesday’s cut …
“Concerns about the global economy, shareholder action, litigation, and the increasing engagement by regulators are fuelling demand for Directors’ and Officers’ (D&O) insurance,” according to Marsh’s London office. “FTSE 100 companies are buying 20 percent more D&O insurance than they …
American International Group announced that it has closed the sale of AIG’s retail bank, AIG Retail Bank Public Company Limited, and credit card operation, AIG Card (Thailand) Company Limited. The Thai operations were sold to Bank of Ayudhya Public Company …
Ping An Insurance (Group) Co. of China Ltd will keep an open attitude on plans to restructure financial group Fortis and welcomes a better plan for shareholders, its president Louis Cheung said on Thursday. Cheung told a news conference that …
The Netherlands ING Group said on Thursday that it plans to divest operations worth up to €8 billion ($10.6 billion) to reduce risk and will focus its banking activities on Europe. ING, which was loss-making in 2008 and got a …
Somali pirates hijacked a U.S.-flagged, Danish-owned container ship on Wednesday with 20 American crew on board in a major escalation in attacks off the lawless Horn of Africa nation, officials said. The 17,000-tonne Maersk Alabama was seized off Mogadishu far …
Oregon lawmakers have approved an increase the amounts recoverable in tort actions against public bodies in cases of medical malpractice and other negligence by public employees. Senate Bill 311 now awaits Gov. Ted Kulongoski’s signature. To view the new limits, …
Saylor & Hill Co., a Barney & Barney LLC Co., anounced that Lori Rosenberg has joined the commercial division. Formerly a senior vice president with Marsh, Rosenberg brings more than 25 years of experience in all aspects of the insurance …
Colorado lawmakers are looking at a plan to take $500 million from the state-created workers’ compensation insurance company to reverse deep cuts in higher education. The Senate Appropriations Committee reviewed the plan as one of nearly two dozen proposals to …
