The European Union plans to to end the emergency coverage it has granted to the community’s airline’s for terrorist liability by the end of October, while China’s government announced that it would extend coverage for its carriers until October 24. …
As far as commercial property and casualty coverages are concerned, it goes without saying that individual companies require specific types of policies to most effectively address risks inherent to their industries. The biotechnology industry is no exception—on the contrary, it …
The equity storms that have battered the earnings of many of Europe’s biggest insurers in the first half of 2002 became a class 5 hurricane for the Anglo-Swiss Group Zurich Financial Services (ZFS) which posted a net loss for the …
The ACE Group of Companies announced it will provide funding for 20 New York City firefighters to compete in the World Firefighters Games in New Zealand. While in New Zealand, the participating New York City firefighters will also be guests …
A.M. Best Co. has affirmed the A (Excellent) financial strength rating of U.S.- based Mapfre Reinsurance Corporation (MRC), Florham Park, N.J. The outlook is stable. The affirmation reflects A.M. Best’s continued view of the company as being strategically important to …
France’s Groupama will acquire Plus Ultra Generales, Aviva’s ( ex-CGNU’s) Spanish p/c operation for €246 million ($240 million). The acquisition gives the French mutual insurer a 1.4 percent share of the overall market in Spain and will increase its p/c …
The European Commission (EC) in Brussels has announced proposals to harmonize the European Union’s automobile insurance regulations. The EC wants all policies to cover third party liability up to € 1 million ($945,000) for accident victims and up to € …
Germany’s Allianz Group posted net income of € 1.9 billion ($1.73 billion) in the first quarter compared to € 704 million ($641 million) in the same period last year, a sizeable 170 percent increase, even though a portion of it …
Spanish reinsurer Mapfre Re has joined inreon, the on-line reinsurance risk trading platform founded by Swiss Re and Munich Re in December 2000, as a new member of its panel of capacity providers. “The move further enhances the scope and …
The increasingly sophisticated business of constructing catastrophe models is driven by three main imperatives: what are the chances of a given event happening; what are the upper and lower limits of a catastrophic occurrence; and what effect, depending on the …
