RenaissanceRe Holdings Ltd., Koch Financial Corporation, Partner Re Ltd. and MBIA Inc. have joined forces to create Channel Reinsurance Ltd., a new financial guarantee reinsurer based in Bermuda. The company immediately received financial strength ratings of “Aaa” from Moody’s Investors …
Gary Schmalzriedt, Chairman and CEO of ACE Overseas General (AOG), announced that Tomas Urbanec has been named as Executive Vice President, International Personal Lines. AOG is a financial reporting unit of ACE Limited, which comprises the Company’s international property casualty …
American International Group, Inc. (AIG) reported that its net income for the full year 2003 increased 68.0 percent to a record $9.27 billion, compared to $5.52 billion in 2002. Net income excluding realized capital gains (losses) and cumulative effect of …
France’s AXA Group reported total revenues for 2003 of 71.628 billion euros ($89.18 billion) compared to 74.727 billion euros ($93 billion) in 2002. The company said the decrease reflected its decision to exit certain less profitable lines of business, as …
Skandia announced that the sale of its Japanese operations to Millea Holdings’ subsidiary, The Tokyo Marine & Fire Insurance Co. Ltd., has now been completed after receipt of the customary regulatory approvals. The transaction, valued at 20 billion yen, or …
A.M. Best Co. announced that it has upgraded the financial strength rating to “A-” (Excellent) from “B+” (Very Good) of Honolulu-based DTRIC Insurance Company Limited with a stable outlook. “The company’s capital position is supported by its parent via an …
Seattle-based Milliman Global, an organization of independent, international consulting firms, announced that the Netherlands’ Actuac and Japan’s IIC Partners have joined its roster of international consulting associates. “Each firm is a leading employee benefits consultancy in its respective market,” said …
The Ping An Insurance, one of China’s largest insurers, announced plans to raise approximately U.S. $2 billion in an initial public offering on the Hong Kong stock exchange. Ping An, a financial holding company which includes insurance, banking, securities and …
France’s SCOR Group, the world’s seventh largest reinsurer, announced the successful completion of its capital raising initiative, launched on December 9, 2003. The company sold 682,724,225 new shares, raising 751 million euros ($955 million). The offering was strictly confined to …
Three Japanese insurance companies have received at least part of the $1.12 arbitration award levied against Fortress Re (See IJ Website Dec, 23), a No. Carolina-based reinsurance company, which collapsed following Sept. 11 related losses. Aioi Insurance Co, Sompo Japan …
