Marsh & McLennan Cos. paid out more than $33 million in compensation to its two chief executives that oversaw the company in 2008, according to an Associated Press calculation of figures disclosed in a regulatory filing last Thursday. Michael G. …
AIG American International Group (AIG) has taken down the most prominent sign at its downtown Manhattan offices. According to a Reuters report, the company replaced the large AIG sign — outside the entrance to its property/casualty offices — as part …
The Professional Insurance Agents of Connecticut Inc. (PIACT) elected new officers. They are: President James Goodman, who is president of Goodman Insurance Inc. in Shelton; President-elect Howard Olderman, who is president of The Olderman and Hallihan Agency Inc. in Ansonia; …
As Managed Competition Marks Anniversary, Agency-Distributed Auto Insurance Faces New Rival It’s finally happened: Geico is entering the auto insurance market in Massachusetts. Insurance Commissioner Nonnie Burnes confirmed in a statement earlier this month that the nation’s third-largest auto insurer …
AIG American International Group (AIG) has taken down the most prominent sign at its downtown Manhattan offices. According to a Reuters report, the company replaced the large AIG sign — outside the entrance to its property/casualty offices — as part …
A.M. Best Co. has commented that the financial strength rating of ‘A-‘ (Excellent) and issuer credit rating (ICR) of “a-” of Bermuda-based Validus Reinsurance, Ltd. and ICR of “bbb-” of Validus Holdings, Ltd. are unchanged following the recent unsolicited offer …
Max Capital Group’s deal to merge with rival IPC Holdings offers shareholders a better long-term deal than an unsolicited offer from Validus Holdings, Chief Executive Marston Becker said Thursday. Max’s deal is richer on a book-value basis, even though Validus’ …
The Bermuda-based Max Capital Group acknowledged that it has received a copy of Validus Holdings, Ltd.’s unsolicited, stock-for-stock, proposal for IPC Holdings, Ltd. The offer somewhat complicates the planned amalgamation of Max and IPC. Standard & Poor’s Ratings Services issued …
Standard & Poor’s Ratings Services announced that its ratings on U.K.-based Aspen Insurance U.K. Ltd. (A/Stable/–), Bermuda-based Aspen Insurance Ltd. (A/Stable/–), and Aspen Insurance Holdings Ltd. (Aspen; BBB+/Stable/–) are unaffected by today’s announcement that Aspen intends to sell about 1.22 …
Standard & Poor’s Ratings has lowered its counterparty credit and financial strength ratings on Bermuda-based R.V.I. Guaranty Co. Ltd. and its U.S.-based subsidiaries–R.V.I. America Insurance Co. and R.V.I. National Insurance Co.–to ‘BBB’ from ‘A-‘. S&P has also removed the ratings …
