Marsh, and its MMC risk consulting affiliate Kroll, have warned that UK firms are exposed to heightened fraud and corruption risks this year as a result of the global recession. “In addition, many insurance policies that address fraud risk are …
The UK’s Prudential Plc and Canada’s Manulife Financial Corp made preliminary offers for American International Group Inc.’s Asian unit, but Prudential’s offer fell short of what AIG wants for the business, sources familiar with the matter said. Chinese insurer China …
Willis announced that its London-based Special Contingency Risks Limited (SCR) unit, a division of Faber & Dumas, the third-party wholesale insurance broker, and Underwater Security Consultants Limited trading as Maritime & Underwater Security Consultants (MUSC), a leading maritime risks advisor, …
A new report from Willis’ London office concludes that the “global mining industry is caught in a ‘classic insurance market crunch’ as mining companies, faced with declining commodity prices and profits, have less to spend on coverage while insurers raise …
The end of more than 20 years of litigation may be in sight, following a recent UK Appeals Court ruling in favor of Lloyd’s against claims of fraud from a number of individual ‘Names.’ Lloyd’s press bulletin explained: “Back in …
Marsh’s London office reports that the insurance broker and risk adviser has appointed Paul O’Keefe as Global Claims Leader for its Global Energy Practice. In the newly created role he will co-ordinate all energy claims globally, while retaining his current …
A revised bailout of American International Group Inc. may be just another “band-aid” solution, but more than five months after it was first rescued by the government the option of letting the insurer fail would still be considered too big …
A.M. Best Co. has upgraded the financial strength ratings (FSR) to ‘A’ (Excellent) from ‘A-‘ (Excellent) and the issuer credit ratings (ICR) to “a” from “a-” of the rated UK operating subsidiaries of the UK’s RSA Insurance Group plc. Best …
Guy Carpenter Co., a leading risk and reinsurance specialist, has agreed to acquire John B. Collins Associates, Inc., a privately-held company and the seventh largest reinsurance intermediary in the world. Guy Carpenter said the acquisition will further strengthen its position …
The U.S. government threw a new $30 billion lifeline to American International Group Inc. Sunday as the embattled insurer prepared to report the biggest quarterly loss in corporate history. AIG’s board approved a new rescue package that also includes more …
