A recent study released by Swiss Re, confirms that insured catastrophe losses for 2000 totaled $10.6 billion, falling significantly below those in 1999, which reached $32.9 billion.The survey also concluded that p/c reinsurance rates were on the rise, but warned …
American International Underwriters, the international p/c unit of AIG, announced that an agreement has been reached with Nasdaq Japan to offer management liability insurance to companies listed on the exchange. Nasdaq Japan is a joint venture between the NASD and …
AIG gave further evidence of its confidence in Japan’s economy on Feb. 6, with the announcement that the U.S. giant had agreed to acquire a 7.3-percent stake in H.I.S. Securities Co. Ltd. for $2.61 million. While it’s a small investment …
AIG plans to inject $513.5 million in capital into failed Chiyoda Mutual Life Insurance Co, sponsoring a revival plan for Japan’s 12th largest life insurer. “As a result, AIG will significantly expand its presence in the traditional Japanese life insurance …
Tokyo Mutual Life has denied a media report that it would receive funding from the financing unit of General Electric Co. to shore up its shaky capital base. The daily Yomiuri Shimbun said GE Capital was likely to inject between …
Japanese auto maker Mitsubishi Motors Corp. said it plans to recall more than 1.52 million vehicles globally. The new total, announced during a Feb. 16 news conference was revised from the 1.35 million cars in Japan and the U.S. announced …
XL Capital Ltd has agreed to purchase Winterthur International from Winterthur Insurance, a subsidiary of the Credit Suisse Group. The all-cash transaction is valued at approximately $600 million and will be funded by XL out of current resources. Winterthur International …
American International Group is on the lookout for acquisitions both in the United States and overseas, according to a statement made by Chairman Maurice Greenberg during a meeting with analysts and money managers that also was open to limited public …
The Hartford Financial Services Group has completed the sale of its Hartford Seguros subsidiary in Bilbao, Spain, to Liberty International, a subsidiary of Liberty Mutual Group. Financial terms of the transaction were not disclosed. The sale of Hartford Seguros reflects …
American Financial Group has reported “disappointing” results for 2000, with net earnings from insurance businesses of $42.3 million ($.71 per share) for 2000 compared to $150.4 million ($2.50 per share) for 1999. The 2000 results include after-tax charges of $22.8 …
