Roberto Gavazzi, the CEO of Italian insurance group Fondiaria, which is being sought as a merger partner by both SAI, another Italian insurer, and Fiat’s insurance subsidiary Toro (See IJ Website Jan. 11) reportedly favors a very “European” solution – …
As important as being named the next Insurance Commissioner of California is to Tom Umberg, the obligation he felt to serve his country in the wake of Sept. 11 was greater. Umberg, a Colonel in the U.S. Army Reserves, returned …
After months of rumors, speculation and maneuvering, Toro, the Italian insurance subsidiary of the Fiat industrial group, confirmed that it had made a formal bid for La Fondaria, another Italian insurer, which has been the target of acquisition efforts since …
Zurich Financial Services (ZFS) has completed the second major part of its restructuring with the announcement that it had reached agreement with Germany’s Deutsche Bank (DB) to trade an estimated $2.5 billion worth of assets. In exchange for transfering its …
Standard & Poor’s announced that it has raised its counterparty credit and insurer financial strength ratings on the principal subsidiaries of Bermuda’s ESG Re Ltd; has assigned an initial single-‘A’-minus rating to the core operating entities of Italy’s La Fondaria …
Major reinsurer Swiss Re released findings from its latest sigma study, “Profitability of the Non-Life Insurance Industry: It’s Back to Basics Time,” which showed that the slumping non-life insurance market must improve premium rates and underwriting results in order to …
The latest in Swiss Re’s authoritative sigma studies examines the profitability of the non-life insurance market in the G7* countries and concludes that the industry needs to concentrate on improving underwriting results by getting “back-to-basics.” The study also focuses on …
A number of global insurers/reinsurers have acknowledged greater exposure to claims related to the destruction of the World Trade Center, with increased estimates for the amount they expect to pay out. The total cost to the world insurance industry of …
All 110 persons aboard a Scandinavian Airlines flight bound for Copenhagen died when the airplane collided with a private plane at Milan’s fog-shrouded Linate airport, veered off the runway into a baggage hangar, exploded and caught fire. Four people in …
Chinese insurance regulators have notified nine European insurers that they may submit documents preliminary to receiving licenses to begin or expand operations in the country. The action comes following China’s admission to the World Trade Organization, and was seen as …
