Reliance Group Holdings (RGH), the parent company of Reliance Insurance Company (RIC), one of America’s oldest insurers which traces its roots back to 1817, filed for bankruptcy protection in the Southern District of New York on June 12. The petition …
Insurance companies go through life cycles just like everyone else. Birth, life, and ultimately death by absorption or bankruptcy in order to make way for new and more efficient enterprises—but two failures in one month, three in the last four? …
Insurance companies go through life cycles just like everyone else. Birth, life, and ultimately death by absorption or bankruptcy in order to make way for new and more efficient enterprises—but two failures in one month, three in the last four? …
Kemper Insurance Companies announced a strategic alliance with UnumProvident Corporation and Gallagher Bassett Services Inc. that will offer employers an alternative for meeting their Integrated Disability Management (IDM) needs. Through the combined efforts of these industry leaders, the companies will …
Standard & Poor’s affirmed the double-‘A’ counterparty credit ratings and insurer financial strength ratings on the principle operating entities of Australian insurer AMP, but changed the outlook from stable to negative. “AMP’s Australian market position remains very strong,” said the …
Several big creditors of failed Australian insurer HIH are pressing ahead with lawsuits in the U.S. aimed at stopping Tony McGrath, the KPMG partner appointed as provisional liquidator, from marshaling HIH’s U.S. assets to pay creditors outside of the U.S., …
Australia’s QBE announced that it plans to rearrange its interests in several Lloyd’s syndicates managed by its wholly owned subsidiary Limit plc, and will increase their underwriting capacity. The syndicates have a combined capacity of approximately $1.2 billion for the …
Australia’s AMP confirmed ongoing rumors that it would sell its general insurance business by closing a deal the Queensland-based insurance and financial group Suncorp Metway Ltd., which agreed to buy all its holding for A1.4 billion ($733 million) in cash …
The Belgo-Dutch financial services group Fortis announced the sale of its Australian property insurance unit to the U.K.’s CGNU for € 205 million ($379 million) in cash. Fortis indicated that, while profitable, Fortis Australia Ltd.’s market share was too small, …
Insurance consultants Tillinghast-Towers Perrin have released figures contained in a report which estimate that ultimately claims from asbestos will reach $200 billion. One of the most significant findings concluded that claims, which were expected to decline, as the use of …
