Despite slightly higher claims costs of €274 million ($350 million) Munich Re’s first quarter net profits rose 41.7 percent to €979 million ($1.25 billion) after tax. Operating profits were up by 29.4 percent to €1.47 billion ($1.88 billion). The earnings …
Swiss-based Converium recorded successful renewals of its of non-life treaties as of April 1. The Company said it “bound non-life contracts of US$ 272.2 million or 99.5 percent of the business that was up for renewal. This result is fully …
Swiss Re announced the launch of its planned $1 billion rights issue to fund its purchase of GE Insurance Solutions (GEIS). In addition, the company provided further information on its forthcoming hybrid capital offerings. The company stressed that no public …
Aflac Inc. announced in Columbus, Ga. that Martin A. Durant III will rejoin Aflac as senior vice president, corporate finance, on July 1. In his new position, Durant will be heavily involved with Aflac’s capital management activities and strategic financial …
Tokyo Stock Exchange (TSE) Chairman and President Taizo Nishimuro announced that Charles Lake, Aflac Japan vice chairman, has been selected as an external director. Lake, 44, will be the first non-Japanese appointed to this post since the TSE, or Nikkei, …
The American Insurance Association has issued a bulletin commending outgoing United States Trade Representative (USTR) Rob Portman for his leadership on trade negotiations. The AIA also welcomed his successor, Deputy USTR Susan Schwab, President Bush’s nominee to replace Portman, and …
Tokio Marine & Nichido Fire Insurance Co., Ltd., subsidiaries of Japan’s largest insurer (by net premiums written), Millea Holdings, Inc., announced that they have reached an agreement with shareholders holding more than 50 percent to acquire their shareholdings in Asia …
Shareholders at Munich Re’s Annual General Meeting on Wednesday April 19 were treated to some good news. Proposals by the reinsurer’s Supervisory Board and Board of Management were adopted by large majority of shareholders, setting dividends of €3.10 ($3.826) per …
French reinsurer SCOR Group reported premium gains in its Asia-Pacific zone following treaty renewals at the beginning of April. Written premiums In Japan exceeded 7 billion yen ($59.3 million) up 6 percent compared to 2005. SCOR noted: “Wind risk pricing …
Standard & Poor’s Ratings Services announced that it has assigned its “A-” long-term counterparty credit and insurer financial strength ratings to China-based Sompo Japan Insurance (China) Co. Ltd., a wholly owned subsidiary of Sompo Japan Insurance Inc. (rated – ‘AA-/Stable/–‘), …
