After weeks of speculation, Germany’s Allianz SE has announced the sale of its Dresdner Bank unit, the country’s third largest, to Commerzbank for €9.8 billion ($14.2289 billion). Allianz also said it has purchased Cominvest, Commerzbank’s asset management entity and will …
Standard & Poor’s Ratings Services has affirmed its ‘AA’ long-term counterparty credit and insurer financial strength ratings on Germany’s Allianz SE (AZSE) and related core entities, along with the ‘A-1+’ short-term corporate credit rating. The outlook on the ratings remains …
Hurricane Gustav could trigger insurance claims of up to $10 billion, according to early computer-modeled estimates of damage from the storm, but at least one analyst thinks the final tab could be lower. Gustav, which made landfall southwest of New …
Standard & Poor’s Ratings Services revised its outlook on the U.S. commercial lines property/casualty insurance sector to negative from stable. Standard & Poor’s credit analyst John Iten explained that the decision to revise the sector outlook reflects S&P’s “concern over …
Brokerage M&As Expected to Continue for the Near Term; Time’s Almost Up for Congress to Pass Reform Bill Surplus lines insurers continued to outperform the property/casualty industry in underwriting and operating performance in 2007 despite the softening market and more …
A.M. Best Co. has affirmed the financial strength rating of ‘A’ (Excellent) and issuer credit rating (ICR) of “a+” of UK-based QBE Insurance (Europe) Limited , QBE Insurance (International) Limited of Australia and QBE Reinsurance (Europe) Limited (QBE Re), which …
A.M. Best Co. has upgraded the financial strength rating (FSR) to ‘A-‘ (Excellent) from ‘B’ (Fair) and the issuer credit rating (ICR) to “a-” from “bb+” of Arkansas’ American Underwriters Insurance Company (AUIC) with stable outlooks. “These rating actions follow …
There’s value to be found in this rangebound market in areas like insurance brokerages, North American natural gas as well as some industrials, a fund manager said. Brad Evans, who helps manage more than $2 billion in assets at Heartland …
The U.S. property/casualty insurance industry reported mixed results in the first six months of 2008, according to a new Fitch report. Profitability declined due to poor investment performance and deteriorating accident-year underwriting results, which were partially offset by favorable prior …
French insurance companies Scor and CNP posted higher first-half earnings on Wednesday after managing to ride out the credit crisis in the global financial markets. Scor, the world’s fifth-biggest reinsurer, said first-half net profit rose 24 percent from last year …
