Swiss Re announced that it has received a branch license from Japan’s Financial Services Agency, giving it permission to provide its reinsurance services locally, both in Property & Casualty and in Life & Health. “In accordance with Japanese regulations, Swiss …
Millea Holdings Inc., Japan’s largest general insurer, announced plans to acquire the Japanese life business of Sweden’s Skandia Insurance Co. for 20 billion yen ($186 million) in early 2004. “By acquiring Skandia’s know-how and infrastructure, we’ll be able to make …
Fortress Re, a No. Carolina-based reinsurance company, which collapsed following Sept. 11 related losses, has reportedly been ordered to pay Japan’s Sompo Insurance Co. $1.12 billion. According to a report in the Wall Street Journal, as excerpted by Reuters, an …
Delegates attending the current meeting of the United Nations Environment Programme (UNEP) in Milan heard a report, prepared by Munich Re, estimating that the cost of natural disasters, most of which were weather-related catastrophes, was over $60 billion in 2003 …
France’s SCOR Group will hold an Extraordinary General Assembly meeting today, conducted by Chairman Denis Kessler to confirm plans to raise additional capital. The announcement, which is not for publication in the USA, Canada, Japan and Australia, due to securities …
Standard & Poor’s Ratings Services announced that it has revised its ratings outlook on Japan’s Nisshin Fire & Marine Insurance Co. Ltd. to stable from negative. S&P also affirmed the insurer’s ‘BBB-‘ financial strength and counterparty credit ratings. The move …
The Board of Directors of the Paris-based SCOR Group has reaffirmed its unanimous support for the reinsurer’s planned capital increase. The affirmation came at a meeting held Nov. 21. The board also announced that SCOR’s “Extraordinary General Assembly, which will …
With the aim of reportedly aiding in the development of an international accounting standard for insurers, the National Association of Independent Insurers (NAII) and six other major insurance trade associations have asked the London-based International Accounting Standards Board (IASB) to …
The Independent Insurance Agents & Brokers of America announced that two Japanese brokers are the first international insurance professionals to join IIABA by taking advantage of its new “associate membership” category. “The associate membership category for foreign agents and brokers …
Bermuda-based IPC Holdings, a leading provider of property catastrophe and specialized reinsurance, reported net income for the quarter ended September 30, 2003 of $62.1 million, or $1.29 per share, compared to $45.8 million, or $0.95 per share, for the third …
