A.M. Best Co. has downgraded the financial strength rating to ‘D’ (Poor) from ‘C-‘ (Weak) and issuer credit rating to “c” from “ccc-” of Florida-based Argus Fire & Casualty Insurance Company, both with negative outlooks. “These rating actions reflect Argus’ …
Liability Claims to Come Could Exceed $1 Billion, Some Experts Predict The tragic disappearance of Air France flight 447 over the Atlantic early on June 1 remains a mystery. The plane’s 216 passengers and 12 crew members perished as all …
Zurich Financial Services has appointed Iain C. Howie (45, UK citizen) as Chief Financial Officer and Chief Administrative Officer for the Asia-Pacific and Middle East (APME) regions, effective June 1, 2009. Zurich described the newly created posts as playing a …
The World Health Organization was poised on Thursday to declare that the new H1N1 virus has caused the first influenza pandemic in more than 40 years, health sources said on Thursday. The move will trigger heightened health measures in the …
The Association of British Insurers has issued a statement warning that regulators and governments “must not harm other industries, such as insurance, as they deal with the banking crisis.” In a new report, “Restoring Market Confidence”, published ahead of its …
The spread of H1N1 flu in Australia, Britain, Chile, Japan and Spain has nudged the world closer to a pandemic, the World Health Organization said on Tuesday. The newly-discovered strain had caused more infections than seasonal influenza at the start …
American International Group, Inc. (AIG) has named Eric Martinez, Jr. as chief executive officer of United Guaranty Corp. (UGC). UGC, based in Greensboro, North Carolina, is a provider of mortgage guaranty insurance. Martinez succeeds William V. (Billy) Nutt, who has …
AIG American International Group agreed to sell its prime real estate holding in Tokyo for approximately $1.2 billion in cash to Nippon Life Insurance Co. The property consists of one acre of land on which The AIG Otemachi Building in …
Global trade could collapse if the world does not take coordinated, concrete steps to finance trade flows, British Prime Minister Gordon Brown said in comments published on Thursday. Writing in the Wall Street Journal, Brown said the global financial crisis …
The world economy has avoided “utter catastrophe” and industrialized countries could register growth this year, Nobel Prize-winning economist Paul Krugman said on Monday. “I will not be surprised to see world trade stabilize, world industrial production stabilize and start to …
