The European Union has deployed billions of euros and endless words to try to contain its sovereign debt crisis this year, but poor communication and bad timing have left financial markets unconvinced. The communications problems haven’t caused the crisis — …
North Korea on Tuesday fired dozens of artillery shells at a South Korean island, killing two soldiers and setting houses ablaze, in one of the heaviest attacks on its neighbor since the Korean War ended in 1953. The attack, with …
Financial markets rallied slightly and European Union partners voiced relief on Monday after Ireland agreed in principle on a three-year bailout package with the EU and the IMF to salvage its shattered banks. European shares rose 0.7 percent in early …
A.M. Best Europe – Rating Services Limited has upgraded the financial strength rating (FSR) to ‘A+’ (Superior) from ‘A’ (Excellent) and issuer credit rating (ICR) to “aa-” from “a+” of Zurich Insurance Company Limited (ZIC), the main operating company of …
Even though Ireland’s financial crisis continues to make headlines, it’s not by any means a national meltdown, and it doesn’t appear to pose a threat to any of the re/insurance companies and brokers, who have substantial operations in the country. …
Two Lloyd’s insurers, Beazley plc, which is domiciled in Ireland and Hardy Underwriting, which is domiciled in Bermuda are engaged in a takeover tussle. Beazley, which also has extensive non-Lloyd’s operations, especially in the U.S., submitted a revised offer of …
Willis Group Holdings has appointed two new Regional Managing Directors for Willis Networks, the global insurance broker’s alliance with local, independent brokers in the UK. Mike Rush will be responsible for Willis Networks in Scotland, Northern England and Northern Ireland, …
Ireland unveiled a new corporate governance code for banks and insurers on Monday to bring ‘fresh blood’ into boardrooms and prevent a repeat of the excessive risk-taking that precipitated the country’s financial crisis. A property market crash exposed years of …
A.M. Best Europe – Rating Services Limited has revised the outlook to positive from stable for the ratings of Germany’s Hannover Rueckversicherung AG (Hannover Re) and its related debt issues and rated subsidiaries. Best also affirmed the financial strength rating …
Swiss Re’s Capital Markets Division has structured €275 million [$386 million] in notes as an alternative risk transfer vehicle, covering European windstorm events, for AXA Global P&C’s Calypso Capital Ltd., a special-purpose company incorporated in Dublin, Ireland. “The notes, which …
