“Uneasy lies the head that wears a crown.” King Henry’s 15th century lament over his lack of sleep may well be shared these days by a number of 21st century CEOs, as investors call for their heads in the wake …
Standard & Poor’s announced that it has lowered its double-‘A’-plus long-term insurer financial strength and counterparty credit ratings on NRMA Insurance Ltd. and IAG New Zealand Ltd. to double-‘A’, and assigned a stable outlook to the companies. NRMA Insurance Ltd., …
Iowa-based Principal Financial Group announced that it has reached a definitive agreement for the sale of its BT Financial Group businesses to Australia’s Westpac Banking Corporation for an initial payment of A$900 million ($488 million) and a future contingent payment, …
A number of European insurers and reinsurers have indicated that despite the widespread damages caused by the ongoing floods in Germany and Eastern Europe, their exposure to claims is limited. With analysts now increasing their overall damage estimates daily – …
Assurex Global, a Columbus, Ohio-based risk management and commercial insurance brokerage group, announced acquisitions in Australia, Florida, and Louisiana. The company’s new brokerages include Zuellig Insurance Brokers Holdings Limited in North Sydney, Australia, Oswald, Trippe and Company Inc. in Fort …
In a departure from traditional corporate restructuring strategies, insurers are choosing ventures, alliances and outsourcing over mergers and acquisitions as their preferred vehicles for corporate restructuring, according to new research from Accenture. Accenture surveyed executive decision-makers at 68 major property …
Financial and insurance consultant Tillinghast – Towers Perrin announced that it has reached an agreement with Australian-based Classic Solutions to join forces to provide development, sales and support of software products for financial services companies. T-TP plans to merge its …
Bermuda’s XL Capital Ltd. announced that plans are under way to restructure some of its reinsurance operations, primarily by fully integrating French-based Le Mans Re into its company structure. XL acquired a majority 67 percent ownership in le Mans Re …
George R. Trumbull has been elected Chairman of the Board and CEO of NYMAGIC and its subsidiary insurance companies, effective June 30. He succeeds Robert W. Bailey who is retiring. Trumbull served as CEO of AMP of AMP, Ltd., the …
Lloyd’s decision to begin reporting its syndicates profits and losses on an annual basis, rather than over three years, proved costly. Last year’s losses are estimated at £3.11 billion ($4.5 billion) overall, and WTC loss estimates rose slightly to £1.98 …
