European Union leaders will tell the G20 this month that public support to the economy must be maintained and while plans to withdraw it should be drafted now, implementation should come only when recovery is assured. “The G20 should reaffirm …
Eleven of the world’s biggest reinsurers will work to find common positions on tax, solvency, accounting and other rules and avoid being tarred with the same regulatory brush as banks, the group said late on Sunday. “The questions we face …
A report from Standard & Poor’s Paris office – The Sukuk Market Has Continued To Progress In 2009 Despite Some Roadblocks – notes that new issues of “sukuk (bonds compliant with Islamic law) topped $9.3 billion in the first seven …
Property/casualty insurer Ironshore Inc. in Bermuda has completed an equity capital deal that will raise $300 million to support the continued expansion of Ironshore’s specialty insurance business. Lead investors in this transaction include GTCR Golder Rauner, LLC, a private equity …
The head of the aircraft leasing company owned by the giant financial services company American International Group is reportedly talking about buying a part of the business. The aircraft leasing company has been up for sale for more than a …
Robert Benmosche, the newly appointed chief executive of AIG, has started to cut up the insurer’s restructuring plan, deciding it is better to hold on to an investment advisory unit that is part of the insurer’s retirement services group. “Benmosche …
Rating organization A.M. Best Co. has downgraded the financial strength rating to B- (Fair) from B (Fair) and issuer credit rating to “bb-” from “bb” of Farmers’ Mutual Insurance Co., based in Traverse City, Michigan. The outlook for both ratings …
Florida insurer Homeowners Choice, Inc. reported that its net premiums nearly doubled to $19.6 million and its profit rose seven percent to $3 million in the second quarter, thanks in great part to its taking on policies from the state-backed …
Oak Street Funding said it has secured more than $50 million in new capital from two major banks in an effort to expand opportunities for agents and brokers to borrow money to achieve their strategic goals. The new capital comes …
Warren Buffett’s Berkshire Hathaway Inc. posted its best quarter in nearly two years, as recovering stock markets boosted the value of its equity investments and derivatives bets. Operating earnings for the second quarter nevertheless fell short of forecasts, reflecting lower …
