Three potential bidders remain interested in the sale of a large stake in American International Group’s $20 billion Asian life insurance unit, people close to the matter said on Wednesday, as the auction heads into its final week. But hopes …
Zurich Financial Services AG will find this year tougher than 2008, when profit fell 47 percent, a senior executive of the Swiss insurer said on Wednesday. Patrick O’Sullivan, vice chairman of the management board and chief growth officer, said Zurich …
A gas explosion ripped through a coal mine in northern China on Sunday, killing at least 74 miners and trapping dozens, state media said. It was the country’s deadliest coal mine accident in more than a year. China’s mines are …
Taiwan’s China Life will buy most of Prudential Plc’s local insurance business, with the UK firm taking around a 10 percent stake in China Life, valued at T$2.18 billion ($64 million), the companies said. The sale by the UK’s No.2 …
Standard & Poor’s Ratings Services has announced various ratings actions on several subsidiaries of the American International Group. “These actions follow AIG’s decision to revise or terminate guarantees,” explained credit analyst Rodney Clark. “The guarantees had provided the basis for …
Former AIG Chief Executive Maurice “Hank” Greenberg said in a letter Thursday the insurer should halt asset sales until the new administration in Washington can assess what is best for the now government-controlled insurer. Greenberg, a vocal critic of successive …
XL Insurance announced from its office in Hartford that the Company has hired eight new field engineers for its worldwide property loss prevention services business, XL Global Asset Protection Services (XL GAPS). “The new risk engineers will meet the global …
The firefighters were trapped in what amounted to a burning maze: a Bronx apartment illegally divided into extra rooms for the sake of making a buck in this cramped city. With flames licking at their bodies and black smoke making …
Marsh announced the appointment of insurance industry veteran Kenneth Kwok as Hong Kong Chairman, reporting to Paul Wilkins, CEO for Greater China, and working along side Marsh Hong Kong CEO, David Jacob. He “will focus on unlocking Marsh’s potential in …
The UK launched a second bank rescue plan on Monday. One of the recipients, Royal Bank of Scotland, said it lost over £20 billion ($29.3 billion) last year and Japan said bad loans worldwide had further to climb. The UK …
