QBE Reinsurance Corporation announced that its parent, QBE Insurance Group Limited, had made an additional capital contribution of $50 million. The contribution increases the policyholders’ surplus of QBE Reinsurance Corporation to over $200 million and the policyholders’ surplus of its …
Progressive Insurance and Nextel, a provider of fully integrated, all-digital wireless service, announced the availability of progressive.com on the Nextel Wireless Web. The agreement gives Progressive’s 30,000-plus authorized, independent agents exposure to Nextel’s Wireless Web customers via their Nextel Internet-ready …
Liberty Mutual Group is adding to its operations in Spain by purchasing Royal & Sun Alliance’s property and casualty and life insurance operations in the country. The purchase will expand Liberty Mutual Group’s Spanish base, which began when its subsidiary …
A new report from international financial analysts Standard & Poor’s sees substantial growth potential in Latin America and analyzes the prospects of the region’s 50 largest insurers. Highlights of the report show that insurance markets in the region account for …
Zurich North America’s Emerging Markets Group announced that it has issued a political risk policy on $600 million worth of bonds issued by a subsidiary of Petrobas, Brazil’s state-owned oil company. The policy on the ten-year bonds, protects investors against …
Petrobas, Brazil’s state owned oil company, announced that it has finally been able to renew its insurance coverage, which was due to expire on Saturday, but with a rate increase of over 650 percent above the $7.5 million it paid …
The explosion and fire which ripped through the world’s largest oil rig, killing 10 workers, and eventually causing the structure to sink in 3000 feet of water off the coast of Brazil, could not have occurred at a worse time …
Despite five days of round-the-clock efforts to save it, the 40-story oil rig, the world’s largest, owned by the Brazilian state oil company Petrobas, sank Tuesday afternoon in over 3000 feet of water 80 miles off the coast. One of …
Sovereign Risk Insurance Ltd., a joint venture between Bermuda’s XL Capital and ACE Ltd., announced that it has agreed with the Inter-American Development Bank to reinsure half of a $100 million loan made to Brazil’s VBC Energia S.A. to enable …
French life insurer CNP Assurances has entered Brazil’s fast-growing insurance market with a deal to buy a controlling share of Sasse for $535 million. CNP agreed to buy a 50.75 percent stake in Caixa Seguros (Sasse) from Funcef, the pension …
