Based on third quarter reports, GEICO Corp. has surpassed Allstate Corp. to become the nation’s second-largest private auto insurer. According to data compiled by SNL, GEICO logged $4.89 billion in direct premiums written during the third quarter of 2013, while …
American International Group Inc. agreed to sell the world’s second-largest aircraft lessor to AerCap Holdings NV for $5 billion after a group of Chinese bidders missed deadlines to purchase the business. AerCap will acquire all of International Lease Finance Corp. …
Cantor Fitzgerald has agreed to settle a lawsuit against American Airlines Group Inc and its insurers over business and property losses stemming from the Sept. 11, 2001, attacks on the World Trade Center, in which the Wall Street company lost …
Toyota Motor Corp. will begin talks to potentially settle hundreds of lawsuits alleging that defects caused some of its vehicles to unexpectedly accelerate, according to a court filing. Last Thursday’s order from U.S. District Judge James Selna in California federal …
A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A+’ (Superior) and issuer credit ratings (ICR) of “aa-” of the Delaware-based Berkley Insurance Company (BIC) and 24 of its reinsured subsidiaries and affiliates, collectively referred to as W. …
In comments filed with the International Association of Insurance Supervisors (IAIS), the Association of Bermuda Insurers and Reinsurers (ABIR) offered its support for the development of insurance capital standards (ICS) and implementation of them via the Common Assessment Framework (ComFrame). …
Canada is considering classifying crude oil as a higher-risk, dangerous product, requiring emergency response plans for shipment by rail following a train accident that leveled the heart of a Quebec town in July, a government official said on Friday. The …
The Property Casualty Insurers Association of America (PCI) has submitted formal comments to the International Association of Insurance Supervisors (IAIS) on its ComFrame Consultation Draft stating that ComFrame, while improved over prior versions, still imposes an unnecessary additional level of …
Insurance Australia Group Ltd. agreed to buy Wesfarmers Ltd.’s insurance underwriting businesses in Australia and New Zealand for A$1.85 billion [US$1.653 billion] to become the largest insurer in Australia. Wesfarmers will record a pretax profit of as much as A$750 …
Sompo Japan Insurance Inc., a unit of Japan’s third-largest casualty insurer group by market value, is considering buying the U.K.’s Canopius Group Ltd. as it continues an overseas expansion. The acquisition is under review, and no decision has been made, …
