February 2009/4
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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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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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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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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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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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Atrium and Validus set up in Singapore...
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The Centre for the Study of Financial Innovation's (CSFI) annual Insurance Banana Skins survey - which asks respondents to rank the risks facing the industry - has placed investment performance as the key challenge facing insurers in 2009.
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A federal judge approved a $69mn settlement in a policyholder class action against Marsh & McLennan (MMC) over an investigation into an alleged nationwide bid-rigging scheme, and separately awarded $19mn in legal fees connected to the case.
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IPGL Ltd, which is 55.1 per cent-owned by City grandee Michael Spencer, sold its entire 12.18 percent stake in the AIM-quoted UK stockbroker Numis Corporation, last week.
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Ironshore Inc is to grow further into American International Group (AIG) territory with a managing general underwriter (MGU) arrangement for its new environmental unit with Berkshire Hathaway subsidiary National Fire and Marine.
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Catastrophe modeling firm AIR Worldwide has increased its French insured loss estimates for winter storm Klaus to between EUR500mn-EUR1bn.
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The wildfires that raged through Australia earlier this month will lead to insurance losses of at least $505mn (A$790mn), according to estimates.
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Mapfre became the second (re)insurer to lose a AA- rating status last week after ratings agency Fitch downgraded the Spanish (re)insurer’s core subsidiary insurer financial strength (IFS) rating...
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Florida's regulators approved State Farm's controversial plan to withdraw from the Sunshine State's property insurance market within two years.
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Bermudian reinsurer Platinum Underwriters posted solid 2008 results last week, which saw it navigate the dual trials of Hurricane Ike and the second half investment meltdown relatively unscathed.
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Straitened Australian insurer Insurance Australian Group (IAG) has raised $450mn ($287mn) after warning that its first-half profits will be adversely impacted...
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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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Fairfax Financial Holdings Ltd continued to swim against the tide of financial turmoil as it reported its best ever annual profits on the back of record investment gains.
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A class action lawsuit filed on 12 February under the US Employee Retirement Income Security Act (ERISA) has potentially opened up a new avenue for Madoff-related losses in the insurance industry.
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ARC Congress, 2009 PLUS D&O Symposium, more fourth quarter and FY results...
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In a sign of hardening prospects for the insurance market, Aon has structured a five-year “cost certainty” insurance deal with global defence and aerospace company BAE systems.
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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...