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 …
A.M. Best Co. announced that it has affirmed the financial strength rating of “A+” (Superior) and assigned an issuer credit rating of “aa-” to Italy’s largest insurer Assicurazioni Generali S.p.A. Best also affirmed the ratings of debt instruments issued or …
Germany’s Allianz announced that it has been providing “on the ground” support to customers in Phuket, Thailand, the popular tourist island which was hit by the tsunamis that devastated Southeast Asia. “When Allianz in Thailand heard of the tsunami on …
Rating agencies are a reality, and we have to live with them,” Martin Kauer, CFO, Converium AG. “Market share is the enemy of risk management,” Brian O’Hara, president and CEO, XL Capital. “The world is once again opening up,” Sandy …
Zurich Financial Services announced the appointment of Andreas Grünbichler to Head its newly created Group Risk Management Policy and Research Unit, effective immediately. “In this new position, Grünbichler will lead the Risk Management Research, a new function within Group Risk …
Zurich Financial Services Group (ZFS) announced the appointment of Geoff Riddell (48) and Dieter Wemmer (47) to the Group Executive Committee effective immediately. Riddell will continue to serve as CEO of Zurich’s Global Corporate Business, the position he has held …
Standard & Poor’s Ratings announced that it has assigned its ‘A’ long-term counterparty credit and insurer financial strength ratings to Austria-based Wiener Städtische Allgemeine Vers. AG (WS AG). The outlook is stable. “The ratings reflect the financial strength of the …
Standard & Poor’s Ratings Services announced that it has lowered its long-term sovereign credit ratings on the Republic of Italy to “AA-” from “AA”, due to the deterioration of public finances both in 2004 and beyond. In a separate bulletin …
Guy Carpenter and EQECAT announced their intention to jointly develop the “DACH Flood” software, which they described as “an accumulation tool that will allow users to assess their exposure to flood in Europe using a fully probabilistic modeling approach.” The …
The entire Italian Peninsula from Venice to Sicily was plunged into darkness early Saturday morning by a massive power failure that knocked out the national electrical grid, stranding travelers, creating chaos in the streets and largely bringing the country to …
