Australian banking and insurance group Suncorp-Metway reported a 16.2 percent increase in net profit after tax to a record A$1.064 billion (US$877 million), which includes 15 weeks’ contribution from Promina, the insurer that Suncorp acquired through a merger agreement last …
Insurance Australia Group Limited (IAG) announced a net profit after-tax of A$552 million (US$452 million) or the full year ended June 2007, compared to the A$759 million (US$622 million) it reported last year. The Group’s insurance margin slipped to 11.4 …
A.M. Best Co. has upgraded the financial strength ratings (FSR) to “A” (Excellent) from “A-” (Excellent) and issuer credit ratings (ICR) to “a” from “a-” of Markel Insurance Company of Canada, Federated Insurance Company of Canada, Commonwealth Insurance Company, Seattle-based …
The California Supreme Court has ruled that incentive compensation plans, calculated on profits, can subtract out costs for workers’ compensation costs from profits, even if it discourages employees from reporting workplace injuries. In Eddy Korkiat Prachasaisoradej v. Ralphs Grocery Co. …
The rating agencies reacted positively to PartnerRe’s move to centralize all of its European operations in its Dublin-based subsidiary (See previous article). Standard & Poor’s Ratings Services assigned its ‘AA-‘ counterparty credit and financial strength ratings to Partner Reinsurance Europe …
Most insurance agents today are focusing on brand marketing techniques that don’t produce any results. Insurance agents are over spending their money into expensive marketing methods like bulk mailing post cards, door knocking, cold calling, bus bench advertising, and street …
A.M. Best Co. has affirmed the financial strength rating (FSR) of “A-” (Excellent) and the issuer credit rating (ICR) of “a-” of France’s SCOR Group and its rated subsidiaries. Best also affirmed the senior debt and subordinated debt either issued …
Standard & Poor’s Ratings Services has affirmed its ‘A-‘ counterparty credit ratings on XL Capital Ltd. and its core operating companies with a stable outlook. “The ratings on XL are based on its very strong global market presence, diversified earnings …
The Hiscox Group’s move to a Bermuda domicile seems to have paid off. The firm announced first half 2007 net pretax profits of £105.6 million ($209 million) and a 17.3 percent increase in gross premiums written to £733 million ($1.45 …
Australia’s QBE Insurance Group reported a hefty 56 percent increase in after tax net profit for the half year to June 30, 2007 to a record A$921 million (US$740 million), compared to A$591 million (US$475 million) in H1 2006. “The …
