Standard & Poor’s Ratings Services lowered its public information (pi) rating on the largest Philippine reinsurer, Universal Reinsurance Corp. Ltd. (Universal Re) to single-“Bpi” from double-“Bpi”. The downgrade reflects the company’s diminished financial profile against the backdrop of a tougher …
Standard & Poor’s Ratings Services affirmed its double-“B”-pi public information ratings on two Philippine insurers, Malayan Insurance Co. Inc. and Pioneer Insurance and Surety Corp. At the same time, it expressed concerns about the companies’ high level of equity investments …
A husband and wife who were charged with insurance fraud by the Los Angeles County District Attorney’s Office in 1985 were arrested earlier this month after being fugitives for nearly 16 years. Imelda and Eduardo Rodriguez were arrested in Makati …
The conversion of illegal funds into legitimate accounts and investments, commonly known as “money laundering,” is a growth business. According to the International MonetaryFund, money laundering could account for 2 percent of global Gross Domestic Product. Based on 1996 figures, …
Progressive Insurance and Nextel, a provider of fully integrated, all-digital wireless service, announced the availability of progressive.com on the Nextel Wireless Web. The agreement gives Progressive’s 30,000-plus authorized, independent agents exposure to Nextel’s Wireless Web customers via their Nextel Internet-ready …
Britain’s Prudential plc will further expand its operations in Asia with the acquisition of Allstate’s majority holdings in two life insurance companies in The Philippines and Indonesia. Allstate said it was selling its interest in Pt Asuransi Jiwa, Indonesia and …
Kidnapping, wrongful detention and all kinds of extortion demands are definitely on the rise. So says Diane Borden, AIG Europe Vice President and head of the crisis management unit at American International Underwriter’s Paris office. “It’s a growth industry throughout …
Kidnapping—seizing and holding people for a money payment; wrongful detention—when someone’s held for political reasons, and all kinds of extortion demands, are definitely on the rise,” said AIG Europe Vice President Diane Borden, head of the crisis management unit at …
Mayon volcano, located in the central Philippines about 190 miles southeast of Manila, erupted Thursday, sending molten rivers of lava down its slopes and darkened skies by sending ash six miles into the atmosphere. It forced about 30,000 people from …
