Bermuda’s Minister of Finance, the Hon. Paula A. Cox, announced that Bermuda has concluded negotiations for a bilateral agreement with the Italian Republic that will, “upon signing later this year, provide for a full exchange of information on criminal and …
The European Central Bank’s decision to buy tarnished debt in the euro zone risks turning it into Europe’s de facto “bad bank” and putting cash-strapped governments and taxpayers on the hook for yet more money. The ECB was forced to …
A strong start to the year has taken enough pressure off Dutch bancassurer ING Group to allow it to substantially delay or even potentially scrap the expected 2011 flotation of its insurance business. The talk of ING rethinking its timeline …
British insurer Prudential launched its long-awaited $21 billion cash call and a delayed offensive to woo wary shareholders to back its takeover of rival AIG’s Asian unit. The UK’s Financial Services Authority forced the country’s largest insurer to revise its …
Woodland Hills, Calif.-based Zenith National Insurance Corp. announced it has commenced a consent solicitation relating to the 8.55 percent Capital Securities of Zenith National Insurance Capital Trust I, which holds as its sole assets the 8.55 percent Subordinated Deferrable Interest …
Europe’s debt troubles could undermine its currency, White House Economic Adviser Paul Volcker said Thursday. Volcker, a former Federal Reserve chairman and a widely respected economist, told students at the London School of Economics that it was difficult to have …
European insurers were buoyed by strong sales of life insurance and asset management products on the back of a reviving economy in the first quarter, offsetting big disaster damage claims. Germany’s Allianz, Italy’s Assicurazioni Generali, The Netherlands’ Aegon and Belgium’s …
Last weekend the leaders of the European Union finally realized that their dithering over a financial aid package for Greece had imperiled the entire continent’s financial structure. They acted to stem the tide by adopting – subject as usual to …
Bermuda-based Ironshore Inc. has completed a private offering of $250 million of 8.50 percent senior notes due 2020. The notes were issued by Ironshore Holdings (U.S.) Inc., a wholly owned subsidiary of Ironshore, and are fully and unconditionally guaranteed by …
Munich Re achieved a consolidated profit of €485 million ($633 million) in the first quarter of 2010, slightly ahead of the €437 million ($571 million) in the same period last year. The earnings bulletin explained that “large gains from the …
