The Royal Bank of Scotland, which is majority owned (82 percent) by the UK government, confirmed on Friday it has dismissed a number of employees for misconduct as a result of its investigations into the Libor interest rate rigging scandal …
Aon announced mixed results in its second quarter earnings report. While “organic revenue growth” rose 4 percent, contributing to a $2.8 billion total, Aon said “net income attributable to Aon shareholders decreased 5 percent to $246 million, or $0.73 per …
Selected earnings highlights from Swiss based ACE Limited for the second quarter and the first half of 2012 are as follows: Q2 2012 Q2 2011 Gross premiums written ———— $5.653 bn $5.423 bn Net premiums written ————— $4.130 bn $3.953 …
China plans to double the amount insurers can invest in private equity and allow them to trade financial derivatives both at home and abroad as part of efforts to broaden their investment scope, according to a set of draft regulations …
Britain will expose on Friday a second scandal involving the country’s banks in as many days, as Barclays boss Bob Diamond clings to his job after regulators slapped a record fine on the lender for rigging interest rates. The Financial …
Ratings agency Moody’s Investors Service downgraded 15 of the world’s biggest banks on Thursday, lowering credit ratings by one to three notches to reflect the risk of losses they face from volatile capital markets activities; however, some banks criticized the …
Insurers’ reserves were redundant at year-end 2011 by $11.7 billion – or 2 percent of total booked reserves – compared with $22.0 billion at the year-end of 2010, after the industry released $12.7 billion of reserves during 2011, according to …
Europe looks to be entering a credit crunch, with loans harder to get and those that are made coming on tougher terms. Strikingly, banks are being tight despite falling demand for credit, pointing to a nasty interaction between the economy, …
MAPFRE Group’s David O’Gorman, URS Managing Director-Spain/Portugal/Latin America, announced that the group has “licensed Risk Explorer™, the Dynamic Financial Analysis (DFA) software and a suite of other products from Ultimate Risk Solutions (URS).” The bulletin described “Risk Explorer™” as the …
Swiss Re’s Chief Economist, Kurt Karl, has predicted that the decision by the Federal Reserve to maintain the target fed funds rate at zero to 25 basis points would help calm some of the turmoil in the global financial markets. …
