The U.S. Senate last night passed legislation that includes an extension of the federal flood insurance program until March 28. President Obama has signed the measure. The extension means that the National Flood Insurance Program (NFIP), which has been unable …
Standard & Poor’s Ratings Services has placed its ratings on Prudential PLC and its operating subsidiaries, including the ‘A+’ long-term counterparty credit rating on Prudential, on CreditWatch with negative implications. S&P’s action follows the announcement that Prudential has reached an …
As American International Group Inc. prepares to shed two big units, it looks set to follow the same path as Citigroup Inc. out from under the U.S. government’s wing. The government is likely to follow an exit strategy similar to …
Standard & Poor’s Ratings Services has placed its ‘A+’ counterparty credit and financial strength ratings on American International Assurance Co. Ltd. (AIA) and American International Assurance Co. (Bermuda) Ltd. (AIAB) on CreditWatch with developing implications. The ratings on American International …
New Jersey-based York Insurance Services Group, a provider of claims administration and risk management services, has named Mark Kissick as president of York Programs. Kissick will have responsibility for financial results, segment growth, marketing strategy, business development and client satisfaction. …
Warren Buffett’s Berkshire Hathaway Inc. said fourth-quarter profit surged, helped by derivatives bets tied to global stock markets, though operating profit fell 40 percent as the weakened economy weighed on several businesses. Profit rose for a third quarter, as Berkshire …
Prudential Plc’s $35.5 billion offer for American International Group Inc.’s Asia business marries the UK insurer’s fast-growth strategy with AIA’s mature business profile — a logical, strategic coupling. The two companies would have an estimated $95 billion in policyholder reserves …
The Senate last week failed to vote on bills to extend several federal programs including jobless benefits, COBRA subsidies, transportation project funding and flood insurance before these programs expired Feb. 28. A single senator, Jim Bunning, R-Ky., has derailed final …
American International Group Inc. agreed to sell its Asian life insurance unit to Britain’s Prudential Plc for about $35.5 billion, in a deal that would help the U.S. government get back billions of its bailout money, sources familiar with the …
The Bermuda-based Everest Re Group announced the appointment of Roger M. Singer to its Board of Directors, effective February 24, 2010. He formerly served as Senior Vice President, General Counsel and Secretary for One Beacon Insurance Group LLC from 1989 …
