France’s Scor Group, the world’s seventh largest reinsurer, registered a net loss of 455 million Euros ($496 million) for the year 2002; 55 million Euros ($60 million) more than it had said it expected in November when Denis Kessler took …
Axa Konzern, a German subsidiary of France’s AXA Group, will reportedly sell its 49.9 percent stake in General RE-CKAG, an intermediary company controlled by Berkshire Hathaway’s General Re, that owns slightly less than a 60 percent stake in Cologne Re. …
A.M. Best Co. announced that it has affirmed the A+(Superior) financial strength rating of Italy’s Assicurazioni Generali S.p.A., and assigned a negative outlook. It also announced that it has affirmed Generali’s senior debt at “aa-” and subordinated debt at “a+” …
Fiat SpA, Italy’s financially troubled auto maker, has agreed to sell its Toro insurance unit to De Agostini SpA, an Italian publishing company, for a reported 2.4 billion Euros ($2.54 billion). The insurance unit had been valued by analysts at …
A.M. Best Co. announced that it has lowered the financial strength rating to A+ (Superior) from A++ (Superior) of Germany’s Allianz AG and its core subsidiaries. It also lowered the ratings on Allianz’s senior debt to “aa-” from “aa+,” and …
Moody’s Investors Service announced that it has lowered the debt ratings of France’s AXA group to A2 from A1 for senior debt, and to A3 from A2 for subordinated and junior subordinated debt, “reflecting a revision of Moody’s notching practice …
France’s AXA Group announced that Hans-Peter Gerhardt, currently a member of the Executive Committee and Vice-President of the Board of Directors of General Cologne Re will join AXA RE as CEO, effective May 1, 2003. Gerhardt, 47, has 22 years …
A new Swiss Re sigma report, “Natural catastrophes and man-made disasters in 2002,” estimates the cost to the insurance industry at $13.5 billion, $1.5 billion more than the company’s preliminary estimates released last December. “The increase was mainly due to …
“I was misinformed.” That line from “Casablanca” was apparently echoed last week with the announcement that Allianz and its five partners had decided to shut down their Luxembourg-based terrorist risk insurance operation, Specialist Risk Insurance and Reinsurance Luxembourg S.A. (SRIR), …
France’s AXA Group posted a 10 percent increase in “underlying earnings” for the year 2002, helped by significant increases in premiums in its P/C business. The results, while generally good, also reflect significant writedowns in the group’s equity portfolio and …
