May first marked the most important expansion of the European Union in its 50 year history, as 10 countries joined the 15 existing members to create an economic block of 455 million people stretching from the Western shores of Ireland …
Global insurance broker Willis Group Holdings Limited has reported record results for the quarter ended March 31, 2004. Net income was $148 million, or $0.87 per diluted share, compared with $117 million, or $0.69 per diluted share in the same …
Marsh & McLennan Companies, Inc. reported financial results for the quarter ended March 31, 2004. Consolidated revenues increased 13 percent to $3.2 billion from $2.9 billion in the first quarter of 2003. Net income rose to $446 million, and earnings …
In a speech to Italian insurance leaders in Milan yesterday, Lloyd’s Chairman Lord Peter Levene addressed industry problems, and sounded a distinctively positive note on Lloyd’s prospects. “Last year, the Lloyd’s market reported record profits of almost 1.3 billion euros …
MBIA Insurance Corp., the world’s largest financial guarantor, announced it is opening a representative office of MBIA Assurance S.A. in Milan, Italy to meet growing market needs in Europe. Luigi Stefano Cuttica, a vice president, is in charge of the …
According to a recently released report from Munich Re, fatalities caused by natural catastrophes were up 450 percent in 2003, while insured losses reached $15 billion. More ominous was the reinsurer’s conclusion that economic and insured losses would continue to …
A.M. Best Co. announced that it has affirmed the financial strength rating of “A+” (Superior) of Germany’s Allianz Aktiengesellschaft and its core subsidiaries. It has also affirmed the “aa-” ratings on Allianz’ senior debt issued by Allianz Finance B.V. and …
Risk Management Solutions (RMS), a provider of products and services for the management of catastrophe risk, has completed a review of catastrophe securitizations that were placed in 2003. Considering publicly available sources, the firm estimated that approximately $1.8 billion of …
According to a recently released report from Munich Re, fatalities caused by natural catastrophes were up 450 percent in 2003, while insured losses reached $15 billion. More ominous was the reinsurer’s conclusion that economic and insured losses would continue to …
According to a recently released report from Munich Re, fatalities caused by natural catastrophes were up 450 percent in 2003, while insured losses reached $15 billion. More ominous was the reinsurer’s conclusion that economic and insured losses would continue to …
