Liberty Mutual Group announced that it has concluded the acquisition process by its Spanish subsidiary, Liberty Insurance, of MetLife’s Spanish operations, including its non-life subsidiary, Genesis Seguros Generales, S.A., and its life subsidiary, Seguros Genesis, S.A. The companies offer auto …
Mexico’s Grupo Elektra S.A. de C.V., one of the country’s biggest retailers, announced that it has received approval from the Ministry of Finance to purchase “a private insurance company in Mexico that will be renamed Seguros Azteca, S.A. de C.V.” …
Sovereign Risk Insurance Ltd., a joint venture between subsidiaries of XL Capital Ltd. and ACE Limited, that writes political risk policies in emerging markets, announced that its sixth year of operation had been quite successful. “For the fiscal year ending …
Minnesota-based The St. Paul Companies announced fourth-quarter 2002 net income of $244.2 million, or $1.02 per share, compared to a fourth-quarter 2001 net loss of $736 million, or $3.57 per share. Fourth-quarter 2002 operating earnings (net income excluding after-tax realized …
Chubb Corp. has merged its Argentine subsidiaries, Chubb Argentina de Seguros and Chubb de Fianzas y Garantias, in an effort to improve their solvency and to give the new operation greater flexibility in the management of its funds. Argentine operations …
Fitch has placed all of the insurance companies in Chile that it covers on a general credit watch over worries about the weakened state of the local market and concerns over the resulting decline in their financial strength. According to …
Boston-based Liberty Mutual Group announced that its subsidiary, Liberty International, has signed an agreement to acquire Winterthur’s Portuguese business units and branch offices, including its subsidiary companies Companhia Europeia de Seguros and Winterthur Pensoes. The terms of the deal were …
Assurant Group, a provider of specialty risk management programs for the financial services industry, and the Kingston Economic Development Corporation have announced plans for Assurant to build a new operations center in Kingston, Ontario. Plans call for the initial construction …
W.R. Berkley Corp. announced that it has named Fernando Correa Urquiza as the new president of Berkley International LLC. Correa Urquiza, 54 years old, replaces William R. Berkley Jr., who was promoted to vice chairman of Berkley International. The company …
Swiss Re has released its latest “sigma” study, which examines the insurance industry in Latin America emphasizing the growth potential of the region, but warning of the necessity to increase profitability. Sigma 2-2002 cited three main areas “impacting the Latin …
