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 …
Standard & Poor’s has affirmed its double-‘A’-plus insurer financial strength and counterparty credit ratings on Australian general insurer NRMA Insurance Ltd. (NRMA) and its New Zealand subsidiary, NRMA Insurance NZ Ltd. (formerly State Insurance Ltd.). “The affirmation follows the announcement …
Holland’s ING Group announced that it is combining parts of its U.S. asset management businesses, including the ING Aeltus Group, into ING Investment Management (IIM), its global asset management group, and is restructuring its U.S. business into four divisions as …
The Chubb Group announced that it has opened a new office in Melbourne, Australia, “to further support the growing demand for political risk insurance in the Asia/Pacific region.” The office is the third specializing in political risk that Chubb has …
The Australian government has joined the U.S., the European Union and other countries in extending excess coverage for terrorist and war risk to the country’s airline industry and related infrastructure. The Australian plan, which was first adopted in the wake …
Australia’s QBE Insurance group has completed a 20-year convertible debt issue of U.S. $250 million, which the company said would be used to pay off some existing bank loans and to strengthen its balance sheet. QBE, which actually writes over …
The insurance industry would like the public to believe they have found the holy grail of underwriting: credit scores. Since they now have this vehicle to make sure that only good drivers get good rates and bad ones pay more, …
The insurance industry would like the public to believe they have found the holy grail of underwriting: credit scores. Since they now have this vehicle to make sure that only good drivers get good rates and bad ones pay more, …
QBE, the Australian insurer, which actually derives over 80 percent of its business from outside the country, ended its 20 year record of increasing profits with the announcement that of a $13 million loss for 2001. Right up until yesterday, …
When HIH, at one time Australia’s second largest insurer, collapsed a year ago this month, one of the first questions raised was why its officers and directors, and its auditors, Arthur Andersen, had failed to reveal the company’s parlous economic …
