W. R. Berkley Corporation announced that it has signed a letter of intent to acquire Oslo, Norway-based NEMI Forsikring ASA, which focuses on specialty lines of insurance. The terms of the letter of intent were not disclosed and Berkley said …
Despite a soft insurance market, Willis Group Holdings Limited reported a 7 percent growth in commissions and fees, including 3 percent organic growth for the quarter and six months ended June 30, 2008. However, Willis reported net income of $39 …
Standard & Poor’s Ratings Services has assigned its interactive Lloyd’s Syndicate Assessment (LSA) of ‘3-‘ (average dependency) to U.K.-based Montpelier Syndicate 5151 with a stable outlook. S&P said the “assessment is based on the syndicate’s strategic importance to Montpelier Reinsurance …
Standard & Poor’s Ratings Services has affirmed its ‘A-‘ junior subordinated long-term debt rating on the €250 million ($387 million) undated, subordinated notes issued by Austria-based Wiener Staedtische Versicherung AG Vienna Insurance Group (WSV AG; A+/Positive/–), following receipt of final …
Standard & Poor’s Ratings Services has lowered its financial strength rating on Channel Reinsurance Ltd. to ‘AA’ from ‘AAA’, removed the rating from CreditWatch with negative implications and assigned a negative outlook. “The downgrade reflects the fact that, in our …
Zurich Financial Services Group announced that Markus Hongler, currently CEO of Zurich Switzerland, has been appointed CEO of Zurich Insurance Ireland Limited (ZIIL), Zurich’s main EU-wide risk carrier for general insurance. The appointment will become effective January 1, 2009, in …
Standard & Poor’s Ratings Services has assigned its ‘A+’ long-term counterparty credit and insurer financial strength ratings to Sweden-based marine insurer Gard Marine & Energy Försäkring AB (Gard M&E AB) with a stable outlook. “The ratings reflect the company’s membership …
“Winter storms in Europe are like London buses,” says an article on the Lloyd’s web site (www.lloyds.com) – “You don’t see any for a while and then along come two or three, one behind the other.” The four month European …
A “doomsday” seed vault built to protect millions of food crops from climate change, wars and natural disasters opened deep within an Arctic mountain in the remote Norwegian archipelago of Svalbard. “The Svalbard Global Seed Vault is our insurance policy,” …
A.M. Best Co. has affirmed the financial strength rating of ‘A-‘ (Excellent) and the issuer credit rating of “a-” of Bermuda-based Empyrean Re Ltd. with a stable outlook. “The ratings are based on the company’s excellent capitalization, experienced management team …
