April 3, 2009
World leaders clinched a $1.1 trillion deal on Thursday to combat the worst economic crisis since the Great Depression and said financial rules would be tightened to stop it happening again. U.S. President Barack Obama declared it a “turning point” …
February 22, 2009
24% of All Muslims in U.S. Have College Degrees; 16% Are High Income Earners While there are an estimated 130 entities selling takaful — cooperative insurance that is true to Shariah tenets of Islamic religious law — in foreign countries …
January 30, 2009
A.M. Best Co. has upgraded the financial strength rating (FSR) to ‘B++’ (Good) from ‘B’ (Fair) and issuer credit rating (ICR) to “bbb” from “bb+” of Canada’s Coachman Insurance Company, and has revised the outlook to stable from positive. Best …
January 28, 2009
2009 will see the political consequences of the global credit crunch start to have an impact, according to the 16th annual Political Risk Map, launched today by Aon Risk Services, a division of Aon Corporation. In a global webcast, Aon’s …
January 9, 2009
When it comes to corporate fraud scandals, nowhere is safe. Revelations of a $1 billion fraud at Indian IT firm Satyam Computer Services do not point to a higher systemic risk of accounting scandals in India, or even in emerging …
January 5, 2009
An Arkansas insurance agent accused of bilking retiree investors out of tens of thousands of dollars and converting the money to his own use is being sought by the Arkansas Securities Department. Terry Mitchell of Greenbrier allegedly raised $92,000 from …
December 18, 2008
A.M. Best Co. has downgraded the financial strength rating (FSR) to ‘B+’ (Good) from ‘A-‘ (Excellent) and issuer credit rating (ICR) to “bbb-” from “a-” for the Barbados-based Imagine Insurance Company Limited, both with stable outlooks. Best then withdrew the …
December 1, 2008
Insurance Australia Group Limited announced that it is increasing its interest in the general insurance business of AmAssurance, its joint venture in Malaysia, from 30 percent to 49 percent, and at the same time exiting the life insurance part of …
November 25, 2008
A.M. Best Co. has affirmed the financial strength rating of ‘A-‘ (Excellent) and the issuer credit rating of “a-” of Malaysian Reinsurance Berhad (Malaysian Re), both with stable outlooks. “The ratings reflect Malaysian Re’s stable and excellent underwriting performance, conservative …
November 19, 2008
In high seas and heavy rain, the supertanker Kasagisan was steaming through the Malacca Strait in February when it was suddenly surrounded by six small boats. The crew of the vessel, heading from Saudi Arabia to Japan with a cargo …