Bermuda-based RenaissanceRe Holdings announced the promotion of Peter C. Durhager, currently Senior Vice President and Chief Administrative Officer, to Executive Vice President. He will continue to report to Neill A. Currie, the Company’s CEO, and to serve as Chief Administrative …
Germany’s Allianz Group posted preliminary figures for 2009, indicating that its net income rose by 13.2 percent to €4.7 billion [$6.4 billion]. Revenues were up up 5.2 percent to €97.4 billion [$132.5 billion]. Life and Health revenues exceeded €50 billion …
American International Group, Inc. (AIG) reported a net loss of $8.9 billion for the fourth quarter of 2009, compared to a net loss of $61.7 billion in the fourth quarter of 2008. The company said that net loss in the …
A newly published report from the Geneva Association, which analyzes the role played by “insurance in financial stability and its systemic relevance,” has concluded “that the core activities of insurers and reinsurers do not pose systemic risks due to the …
Employers Holdings Inc. reported fourth quarter 2009 net income of $11.3 million compared with $15.9 million in the same period in 2008, a decrease of $4.6 million. Pre-tax income in the fourth quarter increased $13.8 million in 2009, compared to …
Florida insurance officials have reached an agreement with the first foreign reinsurer to operate under collateral requirements that were reduced in 2008 in an attempt to attract new reinsurers to the state. The Florida Office of Insurance Regulation said it …
A.M. Best Co. has affirmed the financial strength rating of ‘B++’ (Good) and issuer credit rating (ICR) of “bbb+” of Novae Insurance Company Limited (NICL), the ICR of “bbb” of Novae Group plc (Novae) (the ultimate holding company of the …
President Obama’s latest push for a health care overhaul could drive health plans around the country into insolvency, according to an insurance trade group. A plan released Monday by the White House would give the federal government the power to …
The U.S. House of Representatives voted Wednesday to take a 65-year-old antitrust exemption away from health insurance companies, leaning hard on an industry that has been the focus of criticism for fast-rising rates. The chamber voted 406 to 19 to …
Washington state insurance commissioner Mike Kreidler issued more than $400,000 in fines in 2009, as well as revoking the licenses of several insurance agents, the Office of the Insurance Commissioner announced. Kreidler’s office collected a total of $407,600 in fines …
