Reacting to BP’s Gulf of Mexico oil spill, a high-ranking U.S. senator Wednesday sought to toughen prison sentences for corporate officials who are found guilty of environmental crimes and to broaden fines for violations. Senate Judiciary Committee Chairman Patrick Leahy, …
A.M. Best Co. has affirmed the financial strength rating of ‘A-‘ (Excellent) and issuer credit rating of “a-” of Cayman Islands-based Eastern Re Ltd. S.P.C., both with stable outlooks. The ratings recognize Eastern Re’s “strategic affiliation with the holding company, …
BP Plc shares tumbled nearly 16 percent on U.S. exchanges to a 14-year low Wednesday on rising fears about how the wounded company will cope with the massive costs of the Gulf of Mexico oil disaster. The stock has now …
The UK’s Miller Insurance, a specialist independent insurance and reinsurance broker, announced that Nick Drury has joined the company, as a specialist in the placement of corporate multinational accounts. Drury has more than 40 years’ insurance industry experience. He previously …
Global regulators cannot adopt one-size-fits-all rules and practices as they react to the financial crisis, but it is possible to have common principles, a top Japanese regulator said Wednesday. Other market watchdogs and industry members at a conference here echoed …
Credit insurer Coface announced from its Paris headquarters that the Russian state authority for insurance (FSSN) has granted a license to its subsidiary “ZAO Coface Rus Insurance Company” based in Moscow. Coface is the first international credit insurer to obtain …
The Bermuda-based Catlin Group Limited has announced the appointment of Andreas Weber as Group Treasurer. He is based in Zurich, Switzerland, and will join Catlin in July. Weber will report to Benjamin Meuli, Catlin’s Chief Financial Officer. “As Group Treasurer, …
Bermuda-based Allied World Assurance Company Holdings announced that it has received approval from Lloyd’s of London to establish a new syndicate. Designated Syndicate 2232, with the pseudonym AWH, Allied World said it would be “fully operational and writing business effective …
The official name is Kölnische Rückversicherungs-Gesellschaft AG, known outside Germany as Cologne Re. It has been part of Berkshire Hathaway’s General Re since 2003, and has recently elected to change the company’s name to General Reinsurance AG, as of July …
IronPro, the professional liability division of Ironshore Inc., will enhance its miscellaneous professional liability policy with an affirmative coverage grant for privacy breach liability and expense fund coverage to address the privacy exposures faced by a broad array of business …
