October 7, 2015
Validus Holdings Ltd. estimates it lost just under $64 million from the Port of Tianjin explosion and recent earthquake in Chile, a number that matches its Q2 net income. Breaking down this figure, the Bermuda-based insurance and reinsurance holding company …
October 5, 2015
A.M. Besthas affirmed the financial strength rating of A+ (Superior) and the issuer credit rating of “aa-” while at the same time revising the outlook to negative from stable forZurich Insurance Company Limited(ZIC) and some of its rated affiliates. ZIC …
September 30, 2015
Contamination from chemicals is likely to increase the cost to insurers of last month’s blasts in the Chinese port of Tianjin, costs which are already expected to exceed $3 billion, insurance specialists say. While Chinese insurers are likely to bear …
September 21, 2015
Fitch published a list of key takeaways from last week’s reinsurance Rendez-Vous in Monte Carlo, where some of the major trends affecting the industry were discussed: mergers & acquisitions, alternative capital, pricing and the Tianjin Port explosion in China. Meetings …
September 21, 2015
Zurich Insurance Group AG abandoned its proposed 5.6 billion pound ($8.7 billion) bid for British insurer RSA Insurance Group PLC on Monday after forecasting a $200 million loss in its general insurance business due to explosions at the Chinese port …
September 4, 2015
The two massive explosions which hit China’s Port of Tianjin last month could generate insurance losses of up $3.3 billion, according to a report published by Guy Carpenter. The report estimates damages between $1.6 billion and $3.3 billion, which could …
August 27, 2015
China’s top prosecutor is holding 10 officials and port executives as well as a senior Transport Ministry official under criminal detention for alleged neglect of duty and abuse of power in the Tianjin warehouse explosions that killed at least 139 …
August 21, 2015
Insurers are unlikely to be impaired by the loss claims from the explosions in the Chinese Port of Tianjin last week, according to a report from Standard & Poor’s. “Based on our initial investigation, we expect most of the affected …
August 20, 2015
As a result of losses resulting from the recent explosions at Tianjin port, A.M. Best has placed under review with negative implications the financial strength rating of two Chinese insurers, which have large exposures to the losses of their motor …
August 17, 2015
Two explosions in the Chinese port of Tianjin that killed more than 100 people last week could generate total insurance losses of $1 billion to $1.5 billion, Credit Suisse analysts said, citing initial estimates based on Chinese media reports. Tianjin, …