Standard & Poor’s Ratings Services announced that it has lowered its long-term sovereign credit ratings on the Republic of Italy to “AA-” from “AA”, due to the deterioration of public finances both in 2004 and beyond. In a separate bulletin …
France’s SCOR Group announced that it would offer 180 million euros ($218 million) worth of 4.125 percent unsecured convertible bonds within the French market. SCOR’s bulletin stressed that no offering of the securities would be made outside France, and that …
The Netherlands’ ING Group announced that it has signed an exclusive global contract with NetEconomy, a leader in real-time enterprise risk monitoring solutions for the finance industry, to roll-out a worldwide effort to combat money laundering and ensure compliance. “The …
A.M. Best Co has issued three separate bulletins concerning its ratings on several AXA Divisions. It has affirmed the financial strength rating of “A-” (Excellent) of France’s AXA Re Group; placed the financial strength rating of “A-” (Excellent) of AXA …
A study conducted by A.M. Best Co. has concluded that Europe’s reinsurers have seen their financial strength stabilize after a two-year period of downward pressure. “Strong accident year results were maintained through the 1st quarter of 2004 and are expected …
French reinsurer SCOR announced that the following persons have been named to the SCOR VIE Executive Committee at a meeting of its Board of Directors, chaired by CEO Denis Kessler: — Romain Durand, Chief Executive Officer and Director of SCOR …
The year was 1924. The first Macy’s Thanksgiving Day Parade was held in New York City. Gershwin’s “Rhapsody in Blue” premiered at Carnegie Hall. The first Winter Olympics opened in Chamonix, France. Ford Motor Company manufactured its 10 millionth automobile. …
The Netherlands’ ING Group and Belgium’s Fortis have issued a joint bulletin celebrating the 200th anniversary of the bond issue that enabled the U.S. to complete the Louisiana Purchase from France. The Purchase, which effectively increased U.S. territory by more …
A portion of the newly constructed Terminal 2E at Paris’ Charles de Gaulle airport collapsed on Sunday May 23, killing four people, and sending shock waves throughout France. Over a week later the cause of the collapse and its repercussions …
$110 million paid by Artemis S.A. in a settlement with the United States Attorney’s Office in connection with the Credit Lyonnais criminal case has been transferred to the California Insurance Commissioner, United States Attorney Debra Yang announced. The funds are …
