Standard & Poor’s Ratings Services has revised its outlook on the Lloyd’s Syndicate Assessment (LSA) on Advent Underwriting – Syndicate 0780 to stable from positive. S&P also affirmed the assessment of ‘2’ (high dependency). “The outlook revision reflects the recent …
The CEO of U.S. insurer American International Group (AIG), which is looking to shed assets around the globe as part of a $152 billion U.S. government rescue package, said that difficult markets may delay the sale plans, though certain units …
China’s 3 trillion yuan ($440 billion) insurance industry was largely insulated from the U.S. subprime crisis that battered AIG and other foreign firms, but the fallout poses the toughest challenge in a decade as profits tumble and demand for insurance …
American International Group has announced an agreement to sell AIG Private Bank Ltd., a wholly-owned subsidiary of AIG, to Aabar Investments PJSC, a global investment company based in Abu Dhabi. The bulletin said: “Under its new ownership, AIG Private Bank …
A bulletin on Munich Re’s web site (www.munichre.com) opens as follows: “The financial crisis has sent stock markets plunging around the world and resulted in growing levels of risk aversion. Stringent risk management and transparency are increasingly important. Lower investment …
The first Regional CEO Forum for Asia-Pacific held by the International Chamber of Commerce (ICC) in Hong Kong Saturday called for an immediate response to the financial meltdown by unlocking liquidity and getting trade flowing again. ICC Chairman Victor K. …
When pirates armed with little more than AK-47s and rope ladders seized a supertanker last week, they showed how simple it is to storm a ship — a vulnerability that al Qaeda could exploit to attack the global economy. Security …
China Life Insurance Co, the world’s biggest life insurer by market value, is interested in buying Asian assets of American International Group, a senior China Life manager briefed on the situation said on Monday. “We want to buy parts of …
President George W. Bush has been briefed about increasing attacks by Somali pirates off east Africa, and the United States is consulting with other U.N. Security Council members on ways to combat the threat, the White House said Wednesday. Calling …
A.M. Best Co. has affirmed the financial strength rating of ‘A’ (Excellent) and issuer credit rating (ICR) of “a+” of UK-based Travelers Insurance Company Limited (TIC). The outlook for both ratings remains stable. Best said: “The ratings continue to reflect …
