CGNU, the U.K.’s largest insurer, reported reported that new global sales in the year 2000 increased 24 percent to £13.5 billion ($19.98 billion), following strong growth in the life, pension and investment funds. The results surprised analysts, who had seen …
According to an announcement released by Xinhua, the official Chinese news agency, China’s Insurance Regulatory Commission has been hard at work promulgating new statutes to accord with the principles of the World trade organization, and has been instructing Chinese managers …
Swiss Re published the following preliminary estimates of the losses caused by natural and man-made catastrophes in the year 2000: 17,000 lives were lost, direct losses were around $38 billion, and $11 billion in insured losses. The estimates, which will …
France’s AXA and the Spanish financial group Banco Bilbao Vizcaya Argentaria have realigned their cross shareholdings in several joint ventures. AXA will buy out BBVA’s 30 percent stake in Spanish life insurer AXA Aurora for €205 million ($189 million), giving …
The world’s two largest reinsurers, Munich Re and Swiss Re, whose combined premiums total over $25 billion, have teamed up with Internet Capital Group, a leading B2B provider, and Andersen Consulting to launch “inreon,” an on-line platform for standard reinsurance …
France’s AXA Group defended its decision in a London court on Monday to payout only a portion of its subsidiary Sun Life & Provincial Holdings’ “orphan assets” to policy holders. AXA’s plan, announced last June, to distribute approximately £1.7 billion …
A report from the French Federation of Insurance Companies, and an analysis of the French non-life sector from Standard & Poor’s both show that lingering problems from last year’s devastating windstorms, and new worries about climate change, are adversely affecting …
La Réunion Aérienne, the insurance pool with primary coverage for losses resulting from the crash of the Concorde near Paris last July, has officially launched a recovery action against Continental Airlines as part of court proceedings in France. While French …
AGF/IART, a unit of AGF the French arm of Germany’s Allianz, will issue natural catastrophe securities covering windstorm damages in France and earthquake risks in Europe through Mediterranean Re, a special purpose vehicle. Prompted by last year’s heavy windstorm losses, …
France’s AXA Group announced that consolidated revenues had risen 28.9 percent (14 percent on a comparable basis, which reconciles currency fluctuations and accounting procedures) to a record €61.8 Billion ($53.15 billion) for the first nine months of the year. The …
