Architects of a $700 billion bailout plan urged U.S. lawmakers to act swiftly or face dire economic consequences as global stock markets fell for a second day on growing concern the rescue may be delayed. But financial markets got a …
The head of the Singapore unit of troubled insurance giant American International Group Inc. resigned Friday after 14 years with the company. Mark O’Dell, general manager of AIA Singapore, has left and Executive Vice President Kenneth Juneau will take over …
Goldman Sachs and Morgan Stanley sought shelter with the Federal Reserve to survive a financial storm that destroyed their rivals as Wall Street braced for a week of political wrangling over a proposed $700 billion bailout for troubled banks. Morgan …
Japan’s well-capitalized and acquisitive insurers and Australia’s top player are seen as potential buyers if reeling U.S. heavyweight AIG sells assets, analysts and fund managers said. However, China’s ambitious insurers are expected to be more cautious given market turmoil at …
Insurance rivals stand to reap the benefits from the woes of American International Group, snapping up assets AIG is forced to sell while gaining greater pricing power as AIG pulls in its claws. Zurich Financial Services and other insurance rivals …
A.M. Best Co. has placed the financial strength rating (FSR) of ‘B’ (Fair) and issuer credit rating (ICR) of “bb” of Ontario-based York Fire & Casualty Insurance Company under review with developing implications. “These rating actions are a result of …
A.M. Best Co. has removed from under review with negative implications and affirmed the debt rating of “bb+” on $350 million non-cumulative perpetual preferred securities (preferred securities) issued by Stoneheath Re (issuer), a Cayman Islands exempted company. The assigned rating …
The Derek Hughes/ National Association of Professional Surplus Lines Offices Ltd. Educational Foundation scholarships went to two University of Alabama student. Recipient Aldrich Callins of Birmingham, Ala. has attended college abroad in the United Kingdom, Japan, Botswana and Australia. He …
A judge in Arkansas has released a handful of the million-plus documents offered under seal in a lawsuit over genetically modified rice. Some Arkansas rice farmers claim they lost money after genetically altered rice grown by the Riceland Foods Inc. …
The Burma Campaign UK, a human rights group, has issued a bulletin stating that XL and Chubb have separately announced their withdrawals from the Burmese market. The Campaign said the move was prompted by a bulletin it had released on …
