Saudi Arabia’s insurance industry is poised for growth in the coming years if customers overcome misgivings about compliance with Islamic law and companies consolidate to gain critical mass. The world’s top oil exporter is one of the least-insured countries and …
“Rates for Mining Property Damage & Business Interruption (PD/BI) insurance are likely to soften in 2010, but could harden again should this volatile sector experience a catastrophic loss, according to the latest Mining Market Review from Willis Group Holdings. Willis …
Zurich Insurance Company, a division of Zurich Financial Services, announced that it has officially launched its general insurance branch in Bahrain, following the issuance of its Overseas Insurance Firm (Branch) License to conduct General Insurance business from the Central Bank …
Global insurance broker and risk advisor Marsh appointed Philip Gawthorpe as Multinational Client Service Practice leader for the Midwest Zone. Gawthorpe, who has more than 30 years of insurance industry experience, will be based in Marsh’s Chicago office and report …
Allianz annonced that, effective January 1, 2010, Manuel Bauer will be CEO of the new growth region – ‘Central and Eastern Europe, Middle East and North Africa’ (CEEMA). He succeeds Klaus Junker, former CEO of the New Europe region, who …
Standard & Poor’s Ratings Services announced that it withdrew its ‘A’ counterparty credit and financial strength ratings on XL Europe Ltd. on Dec. 10, 2009. “We withdrew the ratings because of the company’s merger and business portfolio transfer, effective Dec. …
Global insurance broker and risk advisor Marsh has appointed Philip Gawthorpe as Multinational Client Service Practice leader for the Midwest Zone. Gawthorpe, who has more than 30 years of insurance industry experience, will be based in Marsh’s Chicago office and …
A.M. Best Co. has affirmed the financial strength rating of’ A+’ (Superior) and issuer credit rating of “aa-” of Bermuda-based Tokio Millennium Re Ltd. (TMR), both with stable outlooks. Best noted that TMR is a wholly owned subsidiary of Tokio …
A.M. Best Co. has affirmed the financial strength rating of ‘A-‘ (Excellent) and the issuer credit rating (ICR) of “a-” of the Bermuda-based Through Transport Mutual Insurance Association Limited (TTB), and its wholly owned subsidiary, the UK-based TT Club Mutual …
A study, published by Marsh, finds businesses continue the trend to self-insure through captives. “Despite the global economic recession and continued soft commercial insurance market, businesses in all parts of the world continue to use captive insurance companies as mechanisms …
