Both Standard & Poor’s and Moody’s Investors Service announced Wednesday that they have downgraded their ratings on Germany’s Allianz AG, Europe’s largest insurer. S&P also announced that the ratings had been removed from CreditWatch, “where they were placed on Aug. …
France’s SCOR Group announced that it has called a special meeting of its The Board of Directors for November 5 to consider a capital increase of around 400 million euros ($393.4 million). The increase would enable SCOR “to embark, in …
As far as commercial property and casualty coverages are concerned, it goes without saying that individual companies require specific types of policies to most effectively address risks inherent to their industries. The biotechnology industry is no exception—on the contrary, it …
A.M. Best announced that it has affirmed the “A (Excellent)” financial strength rating of France’s SCOR Group with a stable outlook. “The affirmation reflects SCOR’s maintenance of excellent consolidated capital, its high profile brand, well diversified reinsurance account, and expected …
The European Union plans to to end the emergency coverage it has granted to the community’s airline’s for terrorist liability by the end of October, while China’s government announced that it would extend coverage for its carriers until October 24. …
Standard & Poor’s announced that its ratings on Gerling-Konzern Globale Ruckversicherungs-AG (GKG) and related entities will “remain on CreditWatch with developing implications,” and that its long-term ratings on France’s SCOR and its subsidiaries will remain on “CreditWatch with negative implications.” …
France’s SCOR Group announced that it has broken off talks with Germany’s Gerling Group to acquire its life reinsurance operations, and certain non-life activities, “due to current capital market conditions.” The companies began discussions on September 4, but the financial …
Credit Suisse (CS), the parent company of U.S. investment bank Credit Suisse First Boston (CSFB) and the Winterthur Group, has ousted its Chairman and CEO Lukas Mühlemann, following a number of negative developments. Mühlemann, the former Chairman and CEO of …
The International Commission on Holocaust Era Insurance Claims (ICHEC) announced that it has reached an agreement for payments totaling around $275 million to be made to Holocaust survivors and their families in compensation for unpaid life and property insurance claims …
Bermuda’s ACE Limited announced today that an accumulation of losses resulting principally from the recent floods in Eastern Europe will impact operating income in the third quarter of 2002, by “approximately $90 million after tax, or $0.33 per share.” The …
