Michael Bright, the founder and former CEO of the U.K.’s failed Independent Insurance Co., announced yesterday that he was unable to pay an estimated £5 million ($7.25 million) in debts and had filed for personal bankruptcy earlier this month. Bright, …
What did you know, and when did you know it?” Those questions from the Watergate era are increasingly being asked of the U.K.’s Financial Services Authority, which oversees the country’s insurance industry, in the wake of the spectacular meltdown of …
Liberty Mutual Group is adding to its operations in Spain by purchasing Royal & Sun Alliance’s property and casualty and life insurance operations in the country. The purchase will expand Liberty Mutual Group’s Spanish base, which began when its subsidiary …
China has welcomed the GAB Robins Group of Companies, a provider of independent loss adjusting and investigative services, to Beijing. GAB Robins is the first foreign independent loss-adjusting firm established with total support from the Chinese government. According to GAB …
New York’s banks have agreed to waive their usual charges on wire-transfers for Holocaust survivors who receive monthly reparations payments following settlements with insurers and banks. N.Y. Assemblyman Dov Hikind (D-Brooklyn) pressed the initiative, which has been agreed to by …
The London Stock Exchange halted trading in the shares of Britain’s Independent Insurance Group plc pending the announcement of a rights issue aimed at shoring up the troubled insurer’s capital base. Independent has been in financial difficulty since last February …
Lloyd’s decision to begin reporting its syndicates profits and losses on an annual basis, rather than over three years, proved costly. Last year’s losses are estimated at £3.11 billion ($4.5 billion) overall, and WTC loss estimates rose slightly to £1.98 …
HIH Insurance Ltd., following in the footsteps of ReAC and GIO, became the latest Australian insurance company to be forced to the wall by mounting losses. Rumored to be in deep trouble for the last six months, the company, at …
Zurich North America, the U.S. subsidiary of the Anglo-Swiss Zurich Financial Services Group, announced that it was expanding the role of “its Zurich Emerging Markets Solutions group’s political risk and credit insurance offering to the Asian market.” “The expansion allows …
Three Hong Kong based subsidiaries of HIH Australia have been placed under independent administration by the local government, following a preliminary accounting which revealed that their assets included a large portion of accounts receivable from the parent company, which was …
