Standard & Poor’s Ratings Services announced that it has assigned its “AA” long-term counterparty credit and insurer financial strength ratings to Spain-based Mapfre Empresas, Compañía de Seguros y Reaseguros, S.A. (Mapfre Empresas), a subsidiary of Spanish insurance group Sistema Mapfre …
Days after the U.S. Treasury issued its report downplaying the need for renewal of a federal terrorism risk reinsurance program, an organization of 30 democratic countries including the U.S. has warned of shortfalls in terrorism coverage around the world. Nearly …
Commerce Insurance Services, a wholly-owned subsidiary of Commerce Bancorp, Inc., has entered into an agreement to acquire BK International Insurance Brokers, Ltd., headquartered in Greenwich, Connecticut. The acquisition will complement Commerce Bank’s expansion into Connecticut, where it will open its …
A.M. Best Co. announced that it has affirmed the financial strength rating of “A+” (Superior) of the Spanish insurance group Mapfre Mutualidad de Seguros y Reaseguros, the ultimate parent of the Mapfre Group (commercially referred to as Sistema Mapfre). The …
A.M. Best Co. announced that it has affirmed the financial strength rating of “A+” (Superior) of Spain’s Ocaso, S.A. Seguros y Reaseguros, with a stable outlook. “The rating reflects the company’s superior risk-based capitalisation, excellent and stable operating performance and …
New Orleans-based Pan-American Life Insurance Company announced the appointment of Camilo J. Salazar as executive vice president for Distribution, Marketing and Product Management. Salazar’s appointment is effective July 18, 2005. “During an insurance career of more than 30 years, Camilo …
The United Nations Environment Programme (UNEP) marked “World Environment Day” on Friday, June 3 with the release of a spectacular new Atlas, entitled “One Planet Many People,” featuring comparative views of our planet from satellite images. Rapid urbanization, sprawling shrimp …
Aon Re China Limited, a unit of Aon Corp., has secured 100 percent placement of the first agricultural reinsurance contract in China. The contract was awarded by the Shanghai Anxin Agricultural Insurance Co. Ltd. (AAIC), the first specialized agricultural insurance …
Dutch Financial service giant AEGON N.V. announced that it has completed the sale of AEGON Seguros Generales, its general insurance subsidiary in Spain, to the Italian mutual insurance company Reale Mutua Group. The two companies had originally announced the deal …
GAO Study Explores Examples of How Public-Private Insurance Partnerships Operate A new U.S. government report indicates that the private U.S. insurance industry would be placed under enormous strain without government intervention if there were a major terrorist or catastrophic event …
