ING won strong support from shareholders for a heavily discounted rights issue, helping the Dutch bancassurer cut its reliance on state aid and clearing the way for it to launch a program of mandated asset sales. ING said on Wednesday …
Goldman Sachs Group Inc. played a bigger role in fueling the mortgage bets that crippled American Insurance Group Inc. than has been publicly disclosed, the Wall Street Journal reported Saturday. An analysis by the paper of AIG’s trades on pools …
The participation of two big insurers in the $700 billion financial rescue contradicted the goals of the government program, according to a bailout watchdog. The inclusion of Hartford Financial Services Group Inc. and Lincoln National Corp. “was incongruous with the …
The European Union increased pressure on the International Monetary Fund on Friday to consider a global tax on financial transactions to limit the risk of another economic crisis. In a draft statement expected to be approved on the second day …
Willis Group Holdings Limited announced that its shareholders have approved changing the place of incorporation of the parent company of the Willis Group from Bermuda to Ireland at a special meeting in New York. The Board of Directors had earlier …
The U.S. House approved the biggest changes in financial regulation since the Great Depression Friday, marking a win for the Obama administration and congressional Democrats. With the Senate due to debate similar reforms well into next year, the House voted …
An anlaysis from Allianz Insurance Management Asia Pacific concludes that regional GDP is expected to grow by 6.7 percent in 2010, with Asia contributing “almost 39 percent to next year’s global economic expansion,” with China and India still leading the …
The Zurich Financial Services Group announced that it has completed an important step in the rationalization of its Group holding legal entity structure. The bulletin explained that “part of the overall legal restructuring” involved merging Zurich Group Holding (ZGH), “the …
One of Florida’s young property insurance companies, Magnolia Insurance Co., has been stripped of its financial rating by rating firm Demotech, Inc. Demotech assigned its Financial Stability Rating of A, Exceptional to Magnolia in October, based on what it said …
A.M. Best Co. has revised its view of the U.S. property/casualty industry’s ultimate asbestos and environmental (A&E) losses downward to $117 billion from $121 billion. Asbestos exposures now are estimated at $75 billion, up from $65 billion, and environmental losses …
