Investors have punished Swiss Re this year on fears it could write down further billions of dollars of toxic assets. A lack of transparency from the world’s second-largest reinsurer is adding to worries. “We think the downwards trend is set …
First it was high credit card fees. Then came higher gas prices. Now, hundreds of gas stations around the state are shutting down because their insurance companies will not renew policies unless stations install new double-walled underground gas tanks, which …
The Bermuda-based Arch Capital Group announced that the Company has received approval in principle from the Lloyd’s Franchise Board and the Financial Services Authority (FSA) to establish a new managing agent and syndicate at Lloyd’s. It is expected to begin …
Willis Group Holdings announced that Adam Garrard has been appointed CEO of Willis Continental Europe and Bill Donovan has been named to succeed him as CEO for Willis Australasia. The appointments were effective January 1, 2009. Both executives will report …
Munich Re has released its annual report on the natural catastrophes that occurred in 2008, which it describes as “one of the most devastating years on record.” 2008’s major catastrophes included a number of tropical cyclones (hurricanes and typhoons) and …
Munich Re has released its analytical report on the natural catastrophes that occurred in 2008, which the reinsurer describes as, “one of the most devastating years on record.” 2008’s major catastrophes included a number of tropical cyclones (hurricanes and typhoons) …
The Zurich Financial Services Group announced the appointment of Kristof Terryn (40, Belgian citizen) to the position of Chief Operating Officer for General Insurance (GI), effective January 1, 2009. “In this newly created role, he will focus on managing the …
Zurich Financial Services Group announced that Zurich Insurance Ireland Limited (ZIIL), the Group’s Dublin-based European general insurance risk carrier, will be changing its name and incorporation status to Zurich Insurance Public Limited Company (ZIP), as of January 1, 2009. In …
A.M. Best Co. has affirmed the financial strength rating (FSR) of A (Excellent) and the issuer credit rating (ICR) of “a+” of Zurich Insurance Company (ZIC), the main operating company of Zurich Financial Services (ZFS) and its subsidiaries. Best also …
Standard & Poor’s Ratings Services has revised its outlook on Netherlands-based Eureko B.V. and related core subsidiaries to negative from stable. S&P also affirmed the ‘A-‘ long-term counterparty credit rating on Eureko B.V. and the ‘A+’ long-term counterparty credit and …
