U.S. life insurers, already weakened by the global financial crisis, are expected to report their worst-ever quarterly results in the coming weeks, stoking expectations that federal funds will be needed to prevent the sector from becoming the next casualty of …
“Recent insurer downgrades and financial woes have raised the level of counterparty risk to buyers who are becoming increasingly concerned that their insurers may not pay out on their insurance contract when they are supposed to,” notes Willis Group Holdings …
Trade credit insurer Coface notes that the current “credit crisis, which entered its second phase in the fourth quarter of 2008, is worsening in all regions. After observing a decline in the average financial strength of companies in 22 countries …
Connecticut Attorney General Richard Blumenthal is questioning why up to $400 million in federal bailout money is going to the big three credit rating agencies that he says helped create the economic meltdown. Blumenthal said Monday that he is investigating …
Lloyd’s Chairman, Lord Peter Levene, has given his views on protectionism, regulation, recession and tomorrow’s world order in an interview on Bloomberg TV. He also “assessed the mood of the G20 leaders, saying that politicians showed unity and were sincere …
The Channel Island of Guernsey, a major captive domicile, has welcomed its ‘white listing’ by the OECD as a result of the G20 summit in London. Chief Minister Lyndon Trott said that the Island’s inclusion on a white list with …
Swiss Re has announced cost cutting moves aimed at saving around CHF 400 million ($349 million) “by the end of 2010.” It plans to layoff around 10 percent of its global workforce in order to achieve the reductions. The reinsurer …
Munich Re announced that it has successfully concluded the acquisition of specialty insurer HSB Group from US insurer AIG for $739 million (€555 million). The deal was originally announced last December Munich Re said the transaction “was formally completed on …
Fortis NV Wednesday postponed a shareholder vote until April 28-29 on the sale of its former banking arm to BNP Paribas SA, casting fresh doubt over whether it can complete the deal. Fortis investors, who blocked BNP’s purchase of 75 …
Insurers and reinsurers may have weathered the global financial crisis comparatively well so far, but they could be facing another threat. “We’re not capitalized enough,” was the way Michael O’Halleran, executive chairman of Aon Benfield, put it at the recently …
