New York Insurance Superintendent Eric Dinallo signed a cooperation agreement earlier this week with his counterpart in Macau, a move signaling the increasingly international approach to regulation for the country’s highest profile state commissioner. The agreement, signed Monday by António …
Allied World Assurance Company Holdings announced the opening of a branch office in Hong Kong in order to expand its operations into Asia. Bill Cotter, Senior Vice President, Asia, will oversee all Asian insurance operations from the new office. “Initial …
Standard & Poor’s Ratings Services stated that its ratings on the core operating companies of Italy’s Generali Group (AA/Negative/–) are unaffected by the termination of the agreement relative to the joint venture Intesa Vita, which will not be renewed. “Alleanza …
The Bank of East Asia said on Thursday that it has signed a deal to buy the Taiwan securities arm of American International Group as the ailing U.S. insurance giant sells assets to raise cash. “The deal is subject to …
Standard & Poor’s Ratings Services said that its ratings on Bermuda-based Everest Re Group Ltd. and its U.S.-based intermediary holding company, Everest Reinsurance Holdings Inc. (both rated ‘BBB+’ with a stable outlook), as well as the ratings on the company’s …
About half of the white sand beaches along Australia’s northeast coast that were blackened by an oil spill have been cleared, an official said Sunday. Authorities declared a disaster zone along 37 miles (60 kilometers) of some of Australia’s most …
Warren Buffett’s Berkshire Hathaway was stripped of its ‘AAA’ credit rating by Fitch Ratings, barely hours after S&P cut General Electric Co’s top-tier rating, as the global financial crisis pummels America’s corporate titans. Citing concerns about Berkshire’s equity and derivatives …
A.M. Best Co. has downgraded the financial strength rating to ‘B++’ (Good) from ‘A-‘ (Excellent) and the issuer credit rating to “bbb+” from “a-” of Hong Kong’s Wing Lung Insurance Company Limited (WLI). The outlook for both ratings is stable. …
The UK’s Prudential Plc and Canada’s Manulife Financial Corp made preliminary offers for American International Group Inc.’s Asian unit, but Prudential’s offer fell short of what AIG wants for the business, sources familiar with the matter said. Chinese insurer China …
Standard & Poor’s Ratings Services has placed its ‘BBB-‘ counterparty credit rating on Max Capital Group Ltd. on CreditWatch with positive implications following the company’s announcement that it will merge with IPC Holdings Ltd., a leading provider of property catastrophe …
