Property/casualty insurers remained profitable in 2008 despite taking hits from several catastrophes, the recession and the ongoing financial crisis. P/C insurers earned $2.4 billion in net income after taxes in 2008, but profits and profitability both tumbled as catastrophe losses, …
North America Group, a privately-held independent insurance agency headquartered in Oklahoma City, is bringing each of its insurance management partners together to form INSURICA, The Insurance Management Network. The company, celebrating its 50th anniversary, felt the time was right “to …
The 16-member Federation of European Risk Management Associations (FERMA) issued a statement that it “welcomes the European Commission (EC) Report in favor of renewal of the Insurance Block Exemption Regulation (BER).” The EC has been examining whether this exemption, which …
A new industry briefing shows reinsurance rates continuing to increase for the U.S. property-catastrophe reinsurance market for April 1, 2009 renewals. According to Guy Carpenter & Co.’s “Rates Up on Tightening Capacity at U.S. 4/1 Prop-Cat Renewal” briefing, national programs …
Hartford Financial Services Group said on Friday that it has awarded Chief Executive Ramani Ayer $4.5 million for his 2008 compensation, in the face of a $2.75 billion net loss. The company also disclosed that it paid a former chief …
Standard & Poor’s Ratings Services has affirmed its ‘A-‘ counterparty credit and financial strength ratings on Netherlands-based commercial lines insurer Fortis Corporate Insurance N.V. (FCI). S&P has also removed these ratings from CreditWatch with developing implications, where they were placed …
Swiss Re has announced cost cutting moves aimed at saving around CHF 400 million ($349 million) “by the end of 2010.” It plans to layoff around 10 percent of its global workforce in order to achieve the reductions. The reinsurer …
Munich Re announced that it has successfully concluded the acquisition of specialty insurer HSB Group from US insurer AIG for $739 million (€555 million). The deal was originally announced last December Munich Re said the transaction “was formally completed on …
A new report from Willis Re, entitled “Conserving Capital – 1st View,” concludes that the “majority of reinsurers reported relatively positive results and some underwriting profit despite poor investment returns in 2008, outperforming the wider financial services community. As a …
Massachusetts Attorney General Martha Coakley and a North Carolina insurance company have reached a settlement barring the company from using what Coakley described as unfair ratings practices. Occidental Fire and Casualty Insurance Co. has filed a rating plan to begin …
