Standard & Poor’s Ratings Services has issued a prelimlinary report on the series of hurricanes, notably Frances and Charley, which have struck the U.S. S&P indicated: “Although it’s still too early to establish a definitive view of the overall magnitude …
Swiss Re announced that based on current estimates, it expects that its aggregate claims related to the hurricanes Charley and Frances will be under $300 million before tax. The reinsurer’s estimate on Hurricane Frances noted that it had made landfall …
The U.K.’s Aviva (ex-CGNU) has agreed to sell its Asian non-life business to Japan’s second largest general insurer (after Tokio Marine) Mitsui Sumitomo Insurance Co Ltd. (MSI), for £249 million ($443 million). The move is in line with the British …
Brian Corbett Westfield Center, Ohio-based Westfield Insurance has named Brian G. Corbett executive of personal lines and nonstandard auto. His responsibilities include managing the profitability and expansion of Defender, the company’s nonstandard auto program. In addition, he is accountable for …
A.M. Best Co. announced that it has affirmed the financial strength rating of “A++” (Superior) of Japan’s Tokio Marine and Fire Insurance Company Limited, and has revised its outlook on the insurer to stable from negative. “The rating reflects the …
ACE Overseas General, the non-U.S. insurance operations of The ACE Group of Companies, announced from Bermuda that Neil C. Smith has been appointed as President of ACE Far East. He succeeds Scott Pickering, who has been appointed Country Manager, ACE …
Typhoon Chaba, packing 130 mph (210 km/h) winds, struck the Southern Japanese Island of Kyushu earlier today, knocking out electrical power to some 300,000 homes, and causing 6000 people to be evacuated to higher ground, as winds, rain and high …
Even as Typhoon Aere continued to ravage Northern Taiwan and the capital Taipei with 84 mph (140km/h) winds and heavy rains, authorities on the Chinese mainland were preparing for the storm’s arrival. Aere has reportedly been responsible for the deaths …
American International Group Inc. (AIG) reported that its second quarter 2004 net income rose 25.7 percent to a record $2.86 billion or $1.09 per share, compared to $2.28 billion or $0.87 per share in the second quarter of 2003. Second …
The International Insurance Society’s (IIS) 40th annual conference opened in London with a reception on July 11 and concluded on July 14 with a final gathering at Swiss Re’s imposing new headquarters. The building, at 30 St. Mary Axe, a …
