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 …
German insurance giant Allianz AG confirmed the adverse affects of last September’s attacks on the World Trade Center with the announcement that preliminary figures indicated a net operating profit for 2001 of around € 1.7 billion ($1.48 billion), down sharply …
U.K. auto insurer Direct Line, a subsidiary of the Royal Bank of Scotland, has agreed to acquire the Italian auto insurance operations of Royal & Sun Alliance for £12 million ($17 million). Direct Line, which takes its name from its …
Zurich Financial Services (ZFS) has completed the second major part of its restructuring with the announcement that it had reached agreement with Germany’s Deutsche Bank (DB) to trade an estimated $2.5 billion worth of assets. In exchange for transfering its …
Computer Associates International Inc. (CA) announced that Winterthur Spain (Winterthur) is using CA’s Endevor to optimize the quality of its eBusiness systems and eliminate costly programming errors. Winterthur manages 24 million lines of code and 27,000 programs. As new eBusiness …
Philadelphia-based Ace USA is seeking permission from the Washington State Insurance Commissioner to exclude acts of terrorism from the policies it issues to businesses. According to a report in The Seattle Times, the first-of-its-kind filing in Washington was made recently …
Although another terrorist attack is a concept too awful to imagine, as an industry, our job is to protect against the unthinkable. That’s why insurers and reinsurers alike are lining up to support the creation of a federally backed insurance …
The Anglo-Swiss group Zurich Financial Services (ZFS) and Germany’s Deutsche Bank (DB) announced agreement on a number of cooperation initiatives and the sale of business assets, most notably the transfer of fund manager Zurich Scudder Investments to DB for $2.5 …
Standard & Poor’s has affirmed its double-‘A’ counterparty credit and insurer financial strength ratings on the core operating companies of the CGNU Group, and removed Norwich Union Holdings from CreditWatch. The ratings, based on S&P’s analysis of changes that had …
Liberty Mutual Group is adding to its operations in Spain by purchasing Royal & Sun Alliance’s property and casualty and life insurance operations in the country. The purchase will expand Liberty Mutual Group’s Spanish base, which began when its subsidiary …
