Shares of bond insurers rose sharply Thursday on hopes the sector could receive support from a possible bailout orchestrated by New York insurance regulators. Shares of Ambac Financial Group Inc. rose $1.49 (euro1.02), or 10.9 percent, to $15.19 (euro10.36) in …
Medical device maker Stryker Corp. announced earlier this week that it will voluntarily recall certain hip surgery products, a week after it received a warning from regulators. The company is recalling Trident PSL and Hemispherical Acetabular Cups that were made …
Swiss Re announced today that Berkshire Hathaway has acquired a three percent stake in the company. Swiss Re has also entered into a reinsurance contract with Berkshire Hathaway which will give it a share of Swiss Re’s property/casualty business. Swiss …
A major Chinese insurer has announced plans to raise up to $22 billion (euro15.0 billion) for acquisitions at a time when U.S. and European banks, battered by mortgage losses, want infusions of Asian capital to replenish their balance sheets. Ping …
Margin compression and continued pricing erosion will put increasing pressure on the insurance industry to achieve top line objectives in 2008, according to industry analysts. “With pricing becoming increasingly softer, leadership is going to become all the more important in …
The Bermuda-based Everest Re Group announced that it has completed the previously announced detailed study of its potential asbestos exposures, and will take a “net pre-tax charge of $311 million related to the strengthening of its asbestos reserves in the …
A.M. Best Co. has assigned an issuer credit rating (ICR) of “bbb” and affirmed the financial strength rating (FSR) of B++ (Good) of Jamaica International Insurance Company Limited (JIIC) with a stable outlook. “The ratings reflect JIIC’s favorable capitalization, profitable …
Standard & Poor’s Ratings Services indicated that its ratings on PartnerRe Ltd., currently ‘A’ with a stable outlook, and related subsidiaries, will not be affected following the group’s announcement that it expects a non-operating charge of $74 million in the …
RenaissanceRe announced that it expects two significant fourth quarter charges: — A charge which would result in a full reduction of the Company’s carried value in ChannelRe, which was $126.7 million at September 30, 2007, and — A $55.0 million …
Fitch Ratings has affirmed American International Group’s Issuer Default Rating (IDR) at ‘AA’ and affirmed its ratings on all of AIG’s insurance subsidiaries at the same level. The rating outlook is stable. See below for a complete list of the …
