A new report from Willis agrees with the overall consensus that the general insurance sector has “seen limited impact from the current credit crisis, with carriers having relatively limited exposure to subprime investments and relatively few experiencing negative ratings actions.” …
Bermuda-based Endurance Specialty Holdings joined the growing list of the island’s (re)insurers who have issued statements giving preliminary details concerning their third quarter results. In discussing the impact of the “volatile conditions in the world’s financial markets,” Endurance said its …
The Bermuda-based Everest Re Group released its Third Quarter 2008 earnings after close of trading on the NYSE yesterday, October 20, 2008. A conference call discussing the results will be held at 8:30 a.m. Eastern Time today, October 21, 2008. …
Liberty Mutual, Safeco, S&P Boston-based Liberty Mutual Group is not pleased by Standard & Poor’s announcement that it was lowering the company’s financial strength rating from “A” to “A-” with a stable outlook, following Liberty’s completion of its acquisition of …
American International Group’s (AIG) exposure to the subprime mortgage market that precipitated the government’s $85 billion bailout came as a result of business conducted after he left the company, according to Maurice “Hank” Greenberg, who was CEO from the late …
W. R. Berkley Corp. estimates that it will report after-tax storm losses of $41 million, or $0.24 per share, from Hurricanes Ike, Gustav and Dolly as well as an unusually high number of wind and hail storms in the Midwest. …
An October 13, 2008 Insurance Journal story reporting on estimates of third quarter results announced by ACE Limited out of Zurich contained an editing error that produced inaccuracies, particularly surrounding the description of certain losses. Below is a newly edited …
The nation’s bank holding companies increased their total insurance revenue 9.5 percent to $23.7 billion in the first half of 2008 from $21.7 billion during the same period in 2007. CitiGroup (N.Y.), Wells Fargo & Co. (Calif.), and BB&T Corp. …
Mercury Casualty Co., the largest insurance subsidiary of Los Angeles-based Mercury General Corp., has agreed to buy Auto Insurance Specialists Inc. from Aon Corp. AIS is an independent broker and major producer of automobile insurance in California. It reported $400 …
Its former chief executive officer, Maurice “Hank” Greenberg, says American International Group (AIG) should renegotiate the terms of the $85 billion loan it has from the federal government or it will end up in liquidation. In a filing with the …
