Willis Group Holdings has launched a North American Yacht practice within its Marine Group, and has appointed a practice leader and team. “The new practice will serve the insurance needs of the owners of North America’s most prestigious luxury yachts, …
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 …
Houston-based HCC Insurance Holdings, Inc. reported that it has reached a settlement with the U.S. Securities and Exchange Commission over its stock option granting practices. HCC said it consented to a permanent injunction against future violations of the reporting, books …
Florida Gov. Charlie Crist met with Lord Levene, the chairman of Lloyd’s of London, to discuss reinsurance issues in Florida, as well as Lloyd’s climate change initiatives. The meeting took place during the Team Florida Trade and Business Development Mission …
Zurich Financial Services Group has agreed to acquire a 50 percent stake in the life insurance, pension and general insurance operations of Banco Sabadell S.A., while establishing a long-term strategic distribution partnership with the fourth largest bank in Spain. As …
A.M. Best Co. has affirmed the financial strength rating of ‘B++’ (Good) and issuer credit rating of “bbb” of Hong Kong’s Tugu Insurance Company Limited with stable outlooks. Best said: The ratings reflect Tugu’s supportive level of risk-adjusted capitalization, diversified …
A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and issuer credit ratings (ICR) of “a” of the Texas-based Argonaut Insurance Group and its members. Best also affirmed the FSRs of ‘A’ (Excellent) and ICRs of …
Spanish retail bank Santander is considering buying Dresdner Bank in the latest twist of Germany’s bank merger frenzy, according to people with direct knowledge of the matter. The German banking industry is the throes of talks that could result in …
Mapfre, Commerce Spain’s largest insurer, Mapfre S.A., said it has completed its acquisition of The Commerce Group Inc., the 20th largest auto insurer in the country. Mapfre paid $36.70 per share of Commerce’s publicly traded stock, with a total merger …
Standard & Poor’s Ratings Services has assigned its ‘A’ long-term counterparty credit and insurer financial strength ratings to U.K.-based non-life insurer W.R. Berkley Insurance (Europe) Ltd. (WRBIEL) with a stable outlook. “The rating reflects WRBIEL’s strategic importance to U.S.-based insurer …
