Gary Schmalzriedt, Chairman and CEO of ACE Overseas General (AOG), announced that Tomas Urbanec has been named as Executive Vice President, International Personal Lines. AOG is a financial reporting unit of ACE Limited, which comprises the Company’s international property casualty …
A.M. Best Co. announced that it has affirmed the financial strength rating of “A-” (Excellent) of Egypt’s Al Chark Insurance Company with a negative outlook. “The rating reflects the company’s superior, albeit reduced, risk-adjusted capitalisation, robust operating performance and prominent …
A.M. Best Co. has affirmed the financial strength rating of B++ (Very Good) of Egyptian Reinsurance Company (Egypt Re). The affirmation reflects the maintenance of excellent risk-adjusted capital adequacy and improved portfolio diversification; however, weak underwriting performance continues to exert …
A.M. Best Co. made several ratings announcements yesterday. It confirmed the A (Excellent) financial strength ratings of ING Comercial America (ING-CA) and its wholly owned subsidiary, ING Comercial America Fianzas, and the B+ (Very Good) rating of Tugu Insurance Co. …
The California Department of Insurance Criminal Investigations Branch’s Fraud Division arrested Hassanein Mohamed Hassanein and two accomplices for an elaborate insurance fraud scheme with a potential loss of approximately $20 million. The National Insurance Crime Bureau assisted the investigation. Hassanein, …
The destruction of the World Trade Center on Sept. 11, was a disaster from a variety of points of view. President Bush is right: it was the embodiment of evil, as are most terrorist attacks on civilians. It is also …
The conversion of illegal funds into legitimate accounts and investments, commonly known as “money laundering,” is a growth business. According to the International MonetaryFund, money laundering could account for 2 percent of global Gross Domestic Product. Based on 1996 figures, …
Lloyd’s announced that it had completed a preliminary assessment of the possible losses from last Tuesday’s terrorist attacks in the U.S., and although it gave no specific figures, it stated that “these exposures can be managed within its unique system …
AIG confirmed that it has purchased a 90 percent interest in Egyptian p/c insurer Pharaonic Insurance Company S.A.E., which writes general insurance and reinsurance coverage in the Egyptian market. The company’s founder Mounir Ghabbour, who retains a minority interest, will …
According to a report from Reuters News Agency, AIG representatives are in talks with officials of Egypt’s Pharonic Insurance to acquire up to a 90 percent stake in the privately owned company. An announcement by the Chairman is expected on …
