February 2009/4
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The future of American International Group (AIG) hangs in the balance amid reports that the fallen insurance giant is in advanced discussions with the US government that could see it broken up into state-controlled divisions to keep it from bankruptcy.
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Despite a stellar set of 2008 results that include a 13 percent rise in pre-tax profits, RSA is to cut 1,200 jobs in the UK by mid 2010 as part of a £70mn cost cutting exercise.
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The cost of casting off its problem child banking arm Dresdner dragged Allianz to a worse than expected full year loss of EUR2.44bn, compared to a net profit of EUR7.97bn in 2007.
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Australian property and casualty insurer QBE has posted a solid 2008 performance compared with its peers, with after-tax profits of A$1.86bn as investment losses were offset by foreign exchange gains.
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US insurer Liberty Mutual is set to sponsor another cat bond with the launch of its $200mn Mystic Re III transaction – taking the tally of insurance linked securities (ILS) issuance to $550mn for 2009.
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All eyes will be on American International Group (AIG) in the coming days amid fears that it is set to unveil the largest quarterly loss in US corporate history that could see it teeter once again on the edge of bankruptcy.
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Four potential bidders have been shortlisted as possible buyers for troubled insurance giant American International Group's (AIG) Philippine life insurance unit.
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French insurance giant AXA saw its 2008 full year profit fall by 83 percent to EUR923mn as it suffered the effects of negative marks-to-market on its corporate bond portfolio...
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Advent Capital joined the calls for an overhaul of how the industry underwrites Gulf of Mexico energy risks after Hurricane Ike ripped through the firm’s reinsurance protection and led to a £24.2mn underwriting loss.
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(Re)insurers Arch Capital Group and Montpelier Re joined the crowd of Bermudians posting poor fourth quarter 2008 results, as the dire investment conditions took their toll.
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Assicurazioni Generali, one of Europe's largest insurers, saw its financial strength ratings cut last week on concerns over the impact of the financial turmoil.
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Shares in Berkshire Hathaway hit fresh 5-year lows last week as financial market turmoil took its toll on the company's stock holdings and shareholders speculated that...
