Capitol Insurance Companies (Capitol), a Middleton, Wis.-based national provider of specialty property-casualty insurance and commercial surety products, reported a strong year of underwriting profitability for the year ended Dec. 31, 2009. Capitol posted a combined ratio of 93.9 percent based …
Famed U.S. investor Warren Buffett, already Munich Re’s biggest shareholder, has built up his stake in the world’s No. 1 reinsurer to nearly 8 percent, increasing his bet on the sector’s long-term prospects. Buffett, who owns the world’s third-biggest reinsurer …
Lloyd’s announced overall pretax profits of £3.868 billion [$5.796 billion] for 2009, doubling the £1.899 billion [$2.84 billion] it reported for 2008. The record results were achieved despite ongoing economic problems in the UK and the decline in the value …
Bermuda-based AXIS Capital Holdings Limited announced that its indirect, wholly-owned subsidiary, AXIS Specialty Finance LLC, has priced an offering of $500 million aggregate principal amount of its 5.875 percent Senior Notes due 2020, fully and unconditionally guaranteed by AXIS Capital, …
Operating profits improved substantially during 2009 across the U.S. property/ casualty insurance industry, with most market participants reporting double-digit operating returns on capital, according to Fitch Ratings in a new report. A Fitch review of 2009 GAAP results reported by …
The Association of Bermuda Insurers and Reinsurers (ABIR) has released the 2009 global underwriting results for its 23 members, who write insurance and reinsurance from underwriting centers in Bermuda, Europe and the U.S. The announcement noted that the “23 (re)insurers …
France’s AXA Group announced that it will file a Form 25 with the U.S. Securities and Exchange Commission to voluntarily delist its American Depositary Shares (ADS) from theNew York Stock Exchange. AXA said the “last trading day of the ADS …
Europe’s insurers are able to withstand even a major financial crisis, an EU watchdog said on Tuesday, boosting industry hopes for less onerous regulation. EU insurance watchdog CEIOPS, (the Committee of European Insurance and Occupational Pensions Supervisors) unveiled the long-awaited …
The Hartford said it would conduct a public offering of equity and debt securities as part of a plan to repay the $3.4 billion it took from the federal government as part of the Treasury’s Capital Purchase Program, also known …
Moody’s Investors Service announced it has affirmed the A3 rating on the California Earthquake Authority’s 6.169 percent fixed rate Series 2006-B revenue bonds (mature July 20, 2016) and changed the rating outlook to negative from stable. In its assessment, the …
