Swiss Re has issued some preliminary findings from its forthcoming sigma report on the world’s catastrophes in 2002. Initial estimates show that it was a relatively benign year. Although “19,000 people world wide were killed by natural and man-made catastrophes, …
France’s SCOR Group announced that the subscription period for the preferential rights related to its capital increase came to an end on Wednesday. The company raised an estimated 381million Euros ($387 million). The offer was not registered, nor were any …
Many European insurers, including the two largest companies, Germany’s Allianz and France’s AXA, may be hanging “For Sale” signs on some of their operations in order to restore their battered finances. The total amount of properties on offer could top …
Denis Kessler, who recently took over as CEO of France’s SCOR Group, told delegates attending the Les Entretiens de l’Assurance Conference in Paris that the insurance industry would weather the current storms swirling around it, and eventually emerge stronger for …
Fitch Ratings announced that it has affirmed the Insurer Financial Strength rating of ‘AA’ and the Long-term rating of ‘AA-‘ for Assicurazioni Generali SpA, the major operating insurer and holding entity of the Generali Insurance Group. Fitch also announced, however, …
France’s SCOR Group has confirmed that it has signed a “definitive agreement” with its banking syndicate setting out the principal terms and conditions for the renewal, “for the year 2003, of a program for the issuance of letters of credit, …
According to the Wall Street Journal, the shares of European insurance companies, which have been one of the most depressed sectors of the global equity markets, are due for a rally. The WSJ cited recent moves by the companies to …
France’s second largest bank, BNP Paribas, emerged as the winner of a surprise auction by the French government for its 10.9 percent share in Credit Lyonnais (CL), France’s fifth largest bank. Following a restructuring in 1999, the government imposed a …
Asbestos, the weak equity markets and Sept. 11 have indirectly claimed another victim. Gerling-Konzern Globale Ruckversicherungs—AG (GKG), the reinsurance arm of Germany’s Gerling Group, announced at the end of October that it has given up on the survival of its …
California-based Risk Management Solutions Inc. (RMS), announced that the windstorm, designated Jeanett, which has hit the U.K., France, and the rest of northern Europe in late October, could cause up to 1 billion Euros ($983 million) in damages. The storm, …
