France’s AXA, one of the world’s largest insurance and financial groups, announced that it would implement cost cutting measures worldwide in an effort to reduce operating and related expenses by an overall figure of 10 percent by the end of …
In a move to further streamline its European operations, the U.K.’s CGNU announced that is seeking a buyer for its French unit, CGU Courtage, the country’s third largest commercial lines insurer, which deals exclusively through brokers. CGU Courtage, a subsidiary …
A number of global insurers/reinsurers have acknowledged greater exposure to claims related to the destruction of the World Trade Center, with increased estimates for the amount they expect to pay out. The total cost to the world insurance industry of …
Bermuda’s XL Capital expects gross claims stemming from the September 11 attacks on the U.S. to reach $1.8 billion, but it expects to recover $1.1 billion from reinsurance. The resulting net loss of $700 million accords with XL’s previous high …
Zurich North America, the U.S. subsidiary of the Anglo-Swiss group Zurich Financial Services, announced that its Zurich Emerging Markets Solutions (ZEMS) unit has been accepted for membership in the International Union of Credit and Investment Insurers (the “Berne Union”). The …
Lloyd’s has received a barrage of questions on its total exposures and its liquidity following the release of its projected net loss figure of $1.94 billion as a result of the attacks on the U.S. (See IJ Website Sept. 27). …
What did you know, and when did you know it?” Those questions from the Watergate era are increasingly being asked of the U.K.’s Financial Services Authority, which oversees the country’s insurance industry, in the wake of the spectacular meltdown of …
Chinese insurance regulators have notified nine European insurers that they may submit documents preliminary to receiving licenses to begin or expand operations in the country. The action comes following China’s admission to the World Trade Organization, and was seen as …
No words will ever be able to fully convey the shock and the stunned incredulity around the world as the Sept. 11th terrorist attacks unfolded on television screens across the globe. Live coverage on French television began shortly after the …
The governments of the U.S., the U.K. and the European Union rode to the rescue of the airline industry over the weekend when they announced separate decisions to help carriers cope with increases in premiums covering war risks and terrorist …
