The Promina Group, Australia and New Zealand’s second largest general insurer, posted a 53.7 percent increase in net profits for 2004 to A$458 million (U.S. $360 million), despite a decision to increase its reserves for asbestos claims by A$60 million …
Insurance Australia Group (IAG), the country’s largest automobile and home insurer, is reportedly planning to buy a 25 stake in China Pacific Insurance Co.’s property unit. A report from Bloomberg.com said that according to sources close to the deal it …
In a separate bulletin Standard & Poor’s Ratings Services announced that it has placed its ‘A’ counterparty credit and insurer financial strength ratings on Zurich Australian Insurance Ltd. and Zurich Australia Ltd. on CreditWatch with negative implications. S&P took similar …
The “Kyoto Protocol” or Treaty, a global agreement aimed at reducing greenhouse gasses, has come into force seven years after it was established. So far 141 countries, accounting for 55 percent of greenhouse gas emissions, have ratified the treaty, which …
Munich Re announced 2004 net earnings of 1.8 billion euros ($2.34 billion), confirming its earlier revised estimates of between $2.22 billion and $2.48 billion (See IJ Web site Jan.23). The move back to profitability – the world’s largest reinsurer lost …
Insurance can provide unique and important benefits to a society, but those benefits cannot be realized unless markets are liberalized, said David Snyder, vice president and assistant general counsel for the American Insurance Association (AIA), Thursday at the World Trade …
Insurance and Related Services Marsh Inc.–risk management, risk consulting, insurance brokerage, financial solutions, and insurance program management services. Over the years Marsh has acquired many companies, including the U.K.’s Sedgwick Group and its claims management services; Johnson & Higgins; Victor …
Lee Patkus The Citizens and Hanover Insurance Companies have named M. Lee Patkus regional vice president of The Hanover Insurance Company’s Florida region. In this capacity, Patkus will be responsible for all aspects of commercial and personal lines distribution, marketing …
MetLife, Inc. and Citigroup Inc. today announced an agreement for the sale of Citigroup’s Travelers Life & Annuity, and substantially all of Citigroup’s international insurance businesses, to MetLife for $11.5 billion, subject to closing adjustments. Combining Travelers Life & Annuity …
Certain events mark each generation, but as the scope of the disaster that struck 12 countries around the Indian Ocean on Dec. 26 emerges, it has become evident that it will haunt not just the present generation, but many future …
