A.M. Best Co. announced that it has affirmed the A+(Superior) financial strength rating of Italy’s Assicurazioni Generali S.p.A., and assigned a negative outlook. It also announced that it has affirmed Generali’s senior debt at “aa-” and subordinated debt at “a+” …
Fiat SpA, Italy’s financially troubled auto maker, has agreed to sell its Toro insurance unit to De Agostini SpA, an Italian publishing company, for a reported 2.4 billion Euros ($2.54 billion). The insurance unit had been valued by analysts at …
A.M. Best Co. announced that it has lowered the financial strength rating to A+ (Superior) from A++ (Superior) of Germany’s Allianz AG and its core subsidiaries. It also lowered the ratings on Allianz’s senior debt to “aa-” from “aa+,” and …
Italy’s Generali joined the growing list of big insurance companies – it’s Europe’s 4th largest in terms of net premiums written – posting big losses with yesterday’s announcement that the company would record a full year 2002 loss of 754 …
Monte Dei Paschi, Italy’s fifth largest bank, has acquired a 3.1 percent stake in Assicurazioni Generali, the country’s largest insurer, for an estimated 798 million Euros ($877 million), based on the insurer’s current share price. According to a report from …
Swiss-based Zurich Financial Services (ZFS) confirmed previous indications that 2002 was a very bad year by posting a $3.4 billion net loss. The losses were mainly due to special writeoffs and the decline in equity values, which amounted to around …
Mediobanca SpA, the influential Italian investment bank confirmed that it has sold 11.5 million shares, or 6.7%, of the recently merged insurance group La Fondiaria-SAI in equal blocks to five banks for 10.25 Euros ($11.07) per share. (See IJ Website …
The Italian investment bank Mediobanca has agreed to part with around 11.5 million shares in the recently merged insurance group Fondiaria-SAI, around 9 percent of the company’s outstanding capital. The move will reduce the powerful bank’s holding to around two …
Germany’s Allianz has reissued a bulletin confirming the increased capacity of its Global Risks unit available to cover faulty design, faulty material and faulty workmanship – inherent defects – for up to 12 years. “Allianz Global Risks offers some 40 …
Lloyd’s announced that it has recently accredited Canada’s Beach & Associates Ltd. and Italy’s Aon Italia Srl as the first new brokers to be given full access to the Lloyd’s market in 2003. “Beach & Associates, based in Toronto, Canada, …
