Bermuda-based PartnerRe has announced that it plans to “strengthen its market position in Latin America” with the opening of a new office, to be located in Santiago, Chile. “The new office will manage the business opportunities in southern Latin America …
The Netherlands ING Group reported a 0.4 percent increase in net profit for the first quarter of 2002 compared to the same period in 2001, to €1.136 billion ($1.05 billion), the figure also represents a 19.8 percent increase over the …
Standard & Poor’s recently released study of the Argentine insurance industry paints a grim picture for the country’s insurers, calling the situation, caused by the country’s economic crisis, “Back to the Bad Old Times.” “The gravity of Argentina’s economic and …
According to Reuters, W.R. Berkley Corp. reported Feb. 5 that it will claim a loss in the fourth quarter as it takes charges to add reserves related to loss-making contracts, along with its exposure to both Enron Corp. and problems …
Argentina’s Finance Minister Jorge Remes Lenicov announced that the peso would be allowed to float freely against the dollar beginning Wednesday. The move marks the end of any linkage between the two currencies which many have blamed for deepening Argentina’s …
Australia’s QBE announced that it has acquired Reliance National Brasil Seguros, S.A. and has renamed the company QBE Brasil Seguros, S.A.,headquartered in Sao Paulo with a branch in Recife, one of the main business centers in the Northeastern Region of …
As Argentina’s debt crisis continues to deepen, international credit rating agency Standard & Poor’s issued a statement indicating that “U.S. insurers have negligible exposure to further defaults by the Republic of Argentina on its debt obligations.” S&P’s report determined that …
Latin American Re has adopted the global brand name of its parent company XL Re Ltd., renaming itself as XL Re Latin America Ltd. (XL Re LA). The move follows XL Re’s acquisition last year of Risk Capital Holdings’ (Now …
QBE Reinsurance Corporation announced that its parent, QBE Insurance Group Limited, had made an additional capital contribution of $50 million. The contribution increases the policyholders’ surplus of QBE Reinsurance Corporation to over $200 million and the policyholders’ surplus of its …
Progressive Insurance and Nextel, a provider of fully integrated, all-digital wireless service, announced the availability of progressive.com on the Nextel Wireless Web. The agreement gives Progressive’s 30,000-plus authorized, independent agents exposure to Nextel’s Wireless Web customers via their Nextel Internet-ready …
