Gerald Sullivan, chairman of Los Angeles-based The Sullivan Group, has been said to have grown up reading insurance rating manuals instead of Mother Goose books. He is the third generation to enter the insurance business in his family. Sullivan is …
By Rep. Paul Crowley & Patrick Shanley Jr. Over the past several months, a group of legislators from the Rhode Island House of Representatives has been meeting in an effort to understand and respond to the recent drastic — and, …
French insurance giant AXA SA said Thursday that improving sales in its life insurance and asset management businesses helped lift 2006 profit 18 percent. Beating analysts’ predictions, AXA’s net income rose to 5.09 billion euros ($6.69 billion) last year from …
Zurich Financial Services Group announced that it has entered into a partnership with the Swiss Agency for Development and Cooperation (SDC), for “a joint implementation of Zurich’s new cross-regional microinsurance initiative.” Zurich said the “initiative’s primary aim is to expand …
Based on current estimates, Munich Re expects pretax losses from Windstorm Kyrill to be around €600 million ($775 million). The estimates include claims relating to the Group’s primary insurance subsidiary ERGO. Munich Re’s estimate of overall insured market loss is …
Warning that “European businesses face uninsurable environmental impairment risks,” the Federation of European Risk Management Associations (FERMA) called on insurers to be less “risk averse.” It urged members to “develop products that will allow businesses to protect themselves against new …
Goldman Sachs, USI Holdings Big insurance broker USI Holdings Corp. agreed to be acquired by GS Capital Partners, a private equity affiliate of Goldman, Sachs and Co., in a transaction valued at approximately $1.4 billion, including repayment of USI’s existing …
Goldman Sachs, USI Holdings Insurance broker USI Holdings Corp. agreed to be acquired by GS Capital Partners, a private equity affiliate of Goldman, Sachs and Co., in a transaction valued at approximately $1.4 billion, including repayment of USI’s existing debt …
Catastrophe risk modeler AIR Worldwide has issued a bulletin estimating insured losses from Winter Storm Kyrill (or Cyril) at between €4 billion and €8 billion ($5.18 billion and $10.37 billion). The GDV German insurance industry association estimated that country’s insured …
Swiss Re’s newly issued “Global Risks 2007” report highlights “a growing disconnect between the power of global risks to cause major systemic disruption, and our ability to mitigate them.” The report – published by the World Economic Forum in cooperation …
