Standard & Poor’s has issued a report on the life and P/C industries in New Zealand, which concludes that they face “contrasting futures.” S&P indicated that “While nonlife insurers will maintain credit quality strength, life insurers are going back to …
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 …
Peoria, Ill.-based RLI Corp. has promoted Piyush K. Singh to chief information officer. RLI President and CEO Jonathan E. Michael said that Singh has played a significant role in leading the growth of RLI’s information technology department. Singh joined RLI …
France’s SCOR Group, the world’s seventh largest reinsurer, announced the successful completion of its capital raising initiative, launched on December 9, 2003. The company sold 682,724,225 new shares, raising 751 million euros ($955 million). The offering was strictly confined to …
Munich Re has released its analysis of natural catastrophes in 2003 and concluded that economic and insured losses continue to increase at a high level. Preliminary portions of the study had been presented at the recent meeting of the Intergovernmental …
Arthur J. Gallagher & Co., an international insurance brokerage and risk management services firm, headquartered in Itasca, Ill., announced that its subsidiary, Gallagher Bassett Services Inc., acquired the remaining 50 percent of its Australian joint venture, Wyatt Gallagher Bassett Pty …
The Imagine Group announced from its Barbados headquarters that it has completed the acquisition of a two-thirds equity interest in Greenwich Managing Agency at Lloyd’s. The bulletin said Greenwich would be renamed “Imagine Underwriting Limited, to reflect the change of …
A.M. Best Co. announced that it has affirmed the financial strength rating of ‘A’ (Excellent) of New Zealand’s Sovereign Assurance Company Limited, with a positive outlook. “The rating reflects Sovereign’s constant capital growth, the strategic alliance with fellow group member …
Westfield America, a division of Australia’s Westfield Holdings, the property management company that held a retail lease on the commercial areas of the World Trade Center, has agreed to sell its rights to the Port Authority of New York and …
France’s SCOR Group will hold an Extraordinary General Assembly meeting today, conducted by Chairman Denis Kessler to confirm plans to raise additional capital. The announcement, which is not for publication in the USA, Canada, Japan and Australia, due to securities …
