ACE Limited has made a pre-earnings announcement of its third quarter financial results from is headquarters in Zurich. “Given the extraordinary market conditions and questions of investor confidence in financial institutions generally, we have decided to provide an estimate of …
Standard and Poor’s (S&P) Ratings Services raised its rating for Fireman’s Fund Insurance Co. from “A+” to “AA-.” S&P noted that the upgrade reflects its enhanced view of the strategic position of Fireman’s Fund to its parent, the higher-rated Allianz …
The global credit crisis claimed its first Japanese financial institution on Friday and the government looked to prop up smaller banks, as Tokyo shares suffered their biggest rout since a 1987 crash. Government ministers played down the risk of contagion …
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 chief executive officer from …
U.S. life insurers Lincoln National Corp. and ACE Ltd reassured investors that they have enough capital, but credit rating agency Standard & Poor’s cut its outlook for the industry on Friday. The Progressive Corp. reported a net loss of $684.2 …
A.M. Best Co. has upgraded the issuer credit ratings (ICR) to “a+” from “a” and affirmed the financial strength rating (FSR) of ‘A’ (Excellent) of Bermuda-based Arch Reinsurance Ltd. and its reinsured affiliates. Best also upgraded the ICR to “bbb” …
PricewaterhouseCoopers, the independent auditor for American International Group, will pay $97.5 million to settle a class-action securities fraud lawsuit against the insurance giant and others, the Ohio state attorney general’s office said Friday. The settlement is subject to approval by …
French bank BNP Paribas agreed to scoop up assets in Belgium and Luxembourg of banking and insurance group Fortis for €14.5 billion ($19.66 billion) to become the Euro zone’s biggest deposit bank. The move followed a weekend of frantic talks …
A number of Bermuda-based insurers and reinsurers are due to start publishing their third quarter results at the end of the month. They will detail a combination of losses from the current hurricane season, as well as investment losses and …
The Hartford Financial Services Group Inc. lost nearly $9 billion of market value last week as investors fled the financial sector during the worst crisis in decades. “We’ve got contagion right now” affecting “perfectly fine, sound institutions,” said Walter Dolde, …
