Marketing fraud scheme results in 560 arrests; $1 billion in losses More than 560 people have been arrested in an international investigation of mass-marketing fraud schemes that have victimized more than 2.8 million people, the U.S. Justice Department said. Losses …
This time around the AXA Group and Credit Suisse lost no time in coming to an agreement to sell Winterthur, the Swiss bank’s insurance division, to the French insurer for CHF 12.3 billion (around $10 billion – €7.9 billion). The …
A.M. Best Co. has affirmed the financial strength rating of “A” (Excellent) of ING Comercial America (ING CA) and its wholly owned subsidiary, ING Comercial America Fianzas, both based in Mexico City, with a stable outlook. “The rating reflects ING …
More than 560 people have been arrested in an international investigation of mass-marketing fraud schemes that have victimized more than 2.8 million people in the United States, the Justice Department said Tuesday. Losses exceeded $1 billion in scams that included …
Eqecat Inc., a-risk modeling company, said previous risk models underestimated Europe’s risk from floods. The company plans to release in late June an upgraded version of its German flood model, part of its EuroFlood platform, James Webb, Eqecat product manager, …
Global broker Willis Group Holdings has been named the “2006 European Commercial Broker of the Year” for the second consecutive year. The award was presented as part of the annual European Risk Management Awards conducted by StrategicRISK. It’s determined by …
A.M. Best Co. announced that it has assigned a rating of “a+” to the €1 billion ($1.2789 billion) perpetual step up-notes “issued by ELM B.V., a bankruptcy remote repackaging vehicle based in the Netherlands, and are secured over perpetual subordinated …
Swiss Re announced that 50 percent of its existing shareholders have subscribed for the new shares issued pursuant to its “at-market rights offering” (See IJ Website April 27). “As a result of the substantial take-up by Swiss Re’s existing shareholders, …
Swiss Re announced the launch of its planned $1 billion rights issue to fund its purchase of GE Insurance Solutions (GEIS). In addition, the company provided further information on its forthcoming hybrid capital offerings. The company stressed that no public …
Bermuda-based United America Indemnity Ltd. has appointed Robert Cohen president and CEO of its subsidiary, Penn Independent Corporation. Cohen has been acting president and CEO since November 2005. From 1992, he was a senior vice president for United National Group. …
