In an open letter to British Prime Minister Gordon Brown, released at the European Insurance Forum in Dublin, a number of the world’s leading insurance organizations urged him to recognize that “insurance has a fundamentally different business model from banking.” …
Dallas-based insurer, Gainsco Inc., announced net losses for the fourth quarter and the year for 2008, but the losses are less than those the company reported in 2007. The company said its net loss for the fourth quarter 2008 was …
The Bermuda-based Catlin Group Limited said that under the terms of a 2 for 5 Rights Issue, announced on February 12, 2009, valid acceptances have been received in respect of 98.68 percent of the total number of New Common Shares …
Luke Savage, Lloyd’s of London’s finance director (among other titles), is certainly aware that 2008 was a “tough year,” as he put it in a telephone interview. Lloyd’s profits dropped by 50 percent (See IJ web site – https://www.insurancejournal.com/news/international/2009/03/24/98985.htm ). …
Lloyd’s announced an overall profit for 2008 of £1.899 billion ($2.78 billion), a 50 percent drop from the £3.846 billion ($5.64 billion) it posted in 2007, but given current economic conditions, a satisfactory result. Lloyd’s announcement also highlighted the following: …
Willis Group Holdings announced the formation of FINEX Global, a new division that will incorporate all of Willis’ existing London-based Financial, Executive Risk and Professional Liability business. Willis noted: “FINEX was formed in London in 2004 as part of Global …
The nation’s insurance regulators are again telling policyholders of American International Group (AIG) that the insurance company is able to meet its obligations to them despite ongoing controversy surrounding the parent company. “In uncertain times, making correctly informed financial decisions …
Billionaire investor Wilbur Ross said he is keen to invest more in insurance, a sector he has been active in for more than a decade, but is biding his time until pricing fundamentals improve. Ross, on the sidelines of an …
Britain’s Financial Services Authority (FSA) will publish Wednesday a blueprint for a shake-up of global banking regulations aimed at preventing a recurrence of the financial crisis weighing down the world economy. The report, commissioned by British Prime Minister Gordon Brown …
The chief executive of Ohio-based auto insurer Progressive Corp. received 8.8 percent less compensation in 2008 mainly because he declined to accept a performance-related bonus, as investment losses led to the company’s first annual loss in 26 years. Glenn Renwick, …
