American International Group confirmed analysts’ worst forecasts, as it posted a net loss for the second quarter of 2008 of $5.36 billion or $2.06 per diluted share compared to net income of $4.28 billion or $1.64 per diluted share for …
The global credit crisis tore a hole in the profits of some of Europe’s top insurers on Thursday, with AXA and Aegon both posting lower earnings. Share reactions were mixed across Europe. The DJ Stoxx European Banking Index fell 0.6 …
A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A++’ (Superior) and the issuer credit rating (ICR) of “aa+” of Tokio Marine & Nichido Fire Insurance Co., Ltd. (TMNF) with a stable outlook. Best also affirmed the FSR …
A.M. Best Co. and Standard & Poor’s Ratings Services have both indicated that The Hanover Insurance Group’s agreement to purchase all of the stock of AIX Holdings, Inc. (See related article) is unlikely to result in any change in the …
Fitch Ratings has affirmed XL Capital Ltd.’s ratings as well as those of its P/C (re)insurance subsidiaries, including the Issuer Default Rating (IDR) for XL, at ‘A’, and the Insurer Financial Strength (IFS) rating of lead (re)insurance companies XL Insurance …
Swiss Re joined the ranks of European insurers and reinsurers, who have been impacted by the global financial crisis. The world’s biggest reinsurer reported a 53 percent drop in second quarter net income to CHF 564 million ($536 million), compared …
Marsh & McLennan Inc. posted a drop in second-quarter earnings on Wednesday, hurt by a $115 million write-down of goodwill for its risk consulting and technology division. Net income fell 63 percent to $65 million, or 13 cents a share, …
Swiss Re has agreed to acquire Barclays Life Assurance Company Ltd. for £753 million ($1.472 billion). “The transaction will provide further scale and infrastructure for Swiss Re’s Admin Re® business in the United Kingdom and underlines Swiss Re’s role as …
The first read on insurance companies’ second-quarter earnings shows they’re taking hits from the same kinds of mortgage-backed investments as other financial firms, but so far, most companies haven’t had the severe losses that banks and investment firms have seen. …
In a twist to a scandal that has rocked the insurance industry in the past several years, a New York appeals court recently ruled that contingent commissions paid out by Boston-based Liberty Mutual Group Inc. are not illegal. The ruling …
