Swiss RE’s CEO Jacques Aigrain resigned today, Thursday, February 13, a week after U.S. investor Warren Buffett stepped in with new capital and the reinsurer said it was disbanding its financial markets business. Swiss Re said Aigrain has been replaced …
The Swiss Re Group announced that it expects to report a net loss for the full year 2008 of approximately CHF 1 billion ($862.5 million) for 2008, compared to net income of CHF 4.2 billion ($3.62 billion) in 2007. It …
The former vice president of reinsurance of American International Group Inc. (AIG) has been sentenced to four years in prison for his role in a fraudulent scheme to manipulate AIG’s financial statements, according to the Department of Justice. Christian M. …
“You always find out who’s been swimming naked when the tide goes out. We found out that Wall Street has been kind of a nudist beach.” —Warren Buffett on the credit crisis “As a strong supporter of free enterprise, I …
A former insurance executive was sentenced to two years in prison Tuesday for a scheme that prosecutors said allowed the American International Group to manipulate its financial statements through a sham reinsurance deal eight years ago. Ronald Ferguson, a former …
Investors are wondering if Warren Buffett has lost his touch. They are bailing out of Berkshire Hathaway Inc stock and have lost some confidence that the insurance and investment company, run by one of the world’s most admired investors since …
Warfield-Dorsey, HMS Insurance Two long-time Baltimore area insurance agencies have combined forces. Warfield-Dorsey Co., Inc. of Hunt Valley, Maryland, has merged with HMS Insurance Associates Inc., an independent agency in Lutherville. The merger was effective Oct. 1, 2008, according to …
Billionaire Warren Buffett’s Berkshire Hathaway Inc. owns two more insurance companies after completing a deal with White Mountains Insurance Group. Documents filed with the Securities and Exchange Commission show the companies consummated the deal. It was announced in March. Berkshire …
Appalachian Underwriters, Florida Tennessee-based Appalachian Underwriters Inc. established a commercial brokerage division and will open a new office in Sarasota, Fla. to house the new operation. AUI will focus on property and casualty risks that are unique, unusual or require …
Warren Buffett’s Berkshire Hathaway Inc. said Friday third-quarter profit fell 77 percent, the fourth straight quarterly decline, hurt by weaker results from insurance underwriting and a big loss on derivatives contracts. Net income for the Omaha, Nebraska-based insurance and investment …
