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  • Insolvent corporate capital providers cost market dear The Lloyd's Central Fund has now paid more than $1bn on behalf of insolvent corporate capital providers who have left the market with outstanding liabilities. Last month the Society revealed tha
  • US insurer Markel weathered a record hurricane season to report full-year profits just 10.5 percent down for 2005 from $165.5mn in 2004 to $148mn.
  • US insurer Chubb saw first quarter net income rise 36 percent to $464mn, despite sustaining a $344mn pre-tax catastrophe hit compared with $26mn over the same period last year.
  • Benign loss conditions in the US property casualty sector continued into the second quarter as insurers are expected to payout just $1.65bn in catastrophe claims – the lowest figure for the quarter since 2000.
  • German insurer Allianz received another boost today as rating agency Fitch upped its long term rating from A- to A, and affirmed its financial strength ratings at A+.
  • Converium saw its position strengthened in its efforts to fight off a hostile takeover bid by rival SCOR as it regained its desired A- financial strength rating from Standard & Poor's (S&P).
  • A study of 11 microfinance institutions with exposure to natural and man-made catastrophes found that they had little in the way of risk management and no insurance to protect themselves or their clients against the impact of disaster.
  • German reinsurer Hannover Re became the latest company to release its estimates of losses from Hurricane Katrina today, warning that it was expecting a “loss burden” of €250mn before tax.
  • European insurance giant Allianz has called an early redemption of its pioneering $150mn Blue Wings cat bond, just eighteen months into its more than four year term.
  • The Financial Accounting Standards Board (FASB) has issued new proposals intended to give companies greater guidance on how to apply mark-to-market accounting.