Special Risk Insurance and Reinsurance Luxembourg S.A. (SRIR), established last March by Germany’s Allianz AG, several other European insurers and Bermuda’s XL Capital, offers property and business interruption coverage for terrorist related risks. It’s helping to fill the need for …
California-based Risk Management Solutions (RMS) has expanded its catastrophe modeling capabilities to include windstorm risk in Ireland and Sweden, and earthquake risk in Turkey and the Philippines. The expansion brings the total number of territories in the RMS suite of …
The U.K.’s Royal & Sun Alliance continued the planned sell off of its life insurance subsidiaries with the announcement that it has agreed to sell its International Financial Services Ltd. unit, which is based in the Isle of Man, and …
The European Commission (EC), the European Union’s highest regulatory authority, has extended the scheduled end of aid programs by individual governments to Europe’s airlines until the end of June. Following Sept.11, a number of countries established emergency programs to assist …
Germany’s Allianz announced the launch of “a new product addressing the need of airlines for a solution regarding their exposure to terrorism and war third-party legal liability.” The policy, which will be available through Allianz “together with a panel of …
Six of the world’s largest insurance companies announced that they intend to establish a joint venture in Luxembourg, named Special Risk Insurance and Reinsurance Luxembourg S.A. (SRIR), to provide “limited coverage” for physical loss or damage to insured properties with …
Germany’s Allianz, along with Swiss Re and Zurich Financial Services, plans to establish a terrorist insurance unit to cover risks in Europe that since Sept. 11 have either been unavailable or prohibitively expensive. According to a report in the Financial …
Nationwide Holdings is seeking “substantial” damages from France’s AXA Group as a result of the money laundering scandal that affected PanEuroLife, a Luxembourg-based insurer which Nationwide acquired in 1998. The exact allegations of the complaint, which was filed with the …
During the last hard market, much of corporate America wasted little time in stepping up the search for risk transfer alternatives to traditional commercial insurance. The current hard market appears to be no different if rates, premium growth and expanding …
During the last hard market, much of corporate America wasted little time in stepping up the search for risk transfer alternatives to traditional commercial insurance. The current hard market appears to be no different if rates, premium growth and expanding …
