The UK’s Prudential Plc and Canada’s Manulife Financial Corp made preliminary offers for American International Group Inc.’s Asian unit, but Prudential’s offer fell short of what AIG wants for the business, sources familiar with the matter said. Chinese insurer China …
A.M. Best Co. said it is “maintaining a stable outlook in 2009 for the global reinsurance sector for the third consecutive year. This current outlook implies that the majority of 2009 reinsurer rating actions are likely to be affirmations with …
U.S. Federal Reserve Chairman Ben Bernanke Tuesday defended the government’s latest bailout of embattled insurer AIG, telling irate lawmakers that he was also angry, but that the failure to act could have triggered an economic disaster. Bernanke, in testimony to …
The American Insurance Association (AIA), National Association of Mutual Insurance Companies (NAMIC) and Property Casualty Insurers Association of America (PCI) are reaching out to Oregon legislators to highlight what it calls the “dangers” of HB 2791, which the associaitons believe …
Munich Re has dropped its medium-term earnings per share goal and declined to give a profit forecast for 2009 amid financial market turmoil. “For 2009 and 2010… the investment result will be well below the long-term target of 4.5 percent. …
Maurice “Hank” Greenberg’s legacy as the man who built AIG into the world’s largest insurer was tarnished by a 2005 probe but questions about whether he created a financial monster that subsequently ran amok could cause greater damage to his …
A.M. Best Co. and Standard & Poor’s Ratings Services have both issued statements in relation to American International Group’s announcement of a $61.7 billion fourth quarter loss, and the subsequent increase in financial support from the U.S. Treasury (See related …
A.M. Best Co. has downgraded the financial strength ratings (FSR) to ‘A’ (Excellent) from ‘A+’ (Superior) and the issuer credit ratings (ICR) to “a+” from “aa-” of the key life/health (Hartford Life) insurance subsidiaries of The Hartford Financial Services Group, …
A.M. Best Co. has upgraded the financial strength ratings (FSR) to ‘A’ (Excellent) from ‘A-‘ (Excellent) and the issuer credit ratings (ICR) to “a” from “a-” of the rated UK operating subsidiaries of the UK’s RSA Insurance Group plc. Best …
A.M. Best Co. has downgraded the financial strength rating (FSR) to ‘A’ (Excellent) from ‘A+’ (Superior) and issuer credit ratings (ICR) to “a+” from “aa-” of Swiss Reinsurance Company Limited and its subsidiaries. Best also downgraded the ratings for all …
