American International Group has announced an agreement to sell AIG Private Bank Ltd., a wholly-owned subsidiary of AIG, to Aabar Investments PJSC, a global investment company based in Abu Dhabi. The bulletin said: “Under its new ownership, AIG Private Bank …
ACE Limited has followed up its move to Zurich, Switzerland, as part of the redomestication of the Group’s holding company (See IJ web site – https://www.insurancejournal.com/news/international/2008/07/22/92074.htm), by taking the additional step of founding a new Swiss insurance company. The new …
Bermuda-based Flagstone Reinsurance Holdings Limited announced that it has appointed Patrick Boisvert as its Chief Financial Officer, in addition to his current responsibilities as CFO of the group’s main operating company, Flagstone Reassurance Suisse SA. Boisvert will continue to be …
Standard & Poor’s Ratings Services has assigned its ‘A+’ financial strength rating to ACE Insurance (Switzerland) Ltd. (AISL), a newly formed subsidiary of Switzerland-based insurance and reinsurance holding company ACE Ltd. S&P also affirmed its ‘A-‘ counterparty credit rating on …
Insurer Ace Limited’s business opportunities have grown dramatically over the past month and a long slump in rate pricing appears to be over, CEO Evan Greenberg told investors. Greenberg, speaking Wednesday on a conference call following the release of quarterly …
Balance sheet pressures for insurance and reinsurance companies globally have become more severe as insurers experience greater unrealized market value losses, and take impairments, on their investment portfolios, says Fitch Ratings. As such, Fitch analysts expects a noteworthy ramp up …
Shockwaves from the global credit crisis spread on Thursday, threatening industry and jobs worldwide and putting pressure on the U.S. Congress to finish up a $700 billion bailout of the U.S. financial sector. The fate of the rescue plan, passed …
U.S. congressional leaders will try again on Friday to save a $700 billion Wall Street rescue plan after talks broke down in acrimony against the backdrop of the nation’s biggest-ever bank failure. As negotiations over the White House’s unprecedented bailout …
Zurich Financial Services has announced the following appointments within its Risk Management Group. Adrian Zweig (50, Swiss citizen), currently Head of Strategic Asset Allocation and Asset and Liability Management (ALM), has been appointed to the newly created position of Head …
As Hurricane Ike loomed in the Gulf of Mexico, insurers and officials in Gulf Coast states were still tallying damage costs from Hurricane Gustav, which swept into Louisiana on Sept. 1. Switzerland-based global reinsurer, Swiss Reinsurance Co. predicted that Gustav …
