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  • American International Group (AIG) CEO Robert Benmosche has urged global regulators not to issue blanket increases to the amount of capital that insurers deemed "too big to fail" are required to hold.
  • Swiss Re has redeemed two tranches of its Vita Capital IV extreme mortality cat bond worth $125mn one year ahead of maturity, sister publication Trading Risk reported.
  • The Obama administration has asked US Congress to grant the Federal Emergency Management Agency (FEMA) an additional $9.7bn in borrowing authority for the National Flood Insurance Program (NFIP).
  • Two private bonds are currently circulating the market, according to sources, as well as an offering from Zurich.
  • Swiss Re says new levels of stability in the insurance-linked securities (ILS) investor base could help reduce spread volatility and make pricing more predictable and stable.
  • Strong demand for retro cover has inspired Everest Re to launch "Purple", a new pillared retro product being marketed for the January 2013 renewals.
  • RSA has surprised the market with a late move to recast its cat programme by creating a main multi-territory £1.5bn ($2.4bn) tower, The Insurance Insider can reveal.
  • The pace of US federal securities class action lawsuits has been maintained since 2007, with a rise in M&A objection lawsuits offsetting a fall in credit crisis-related litigation.
  • Senior executives of failed US banks should not assume their directors' and officers' (D&O) insurance policies will automatically cover them in lawsuits brought by the Federal Deposit Insurance Corporation (FDIC) because of "insured versus insured" exclusions, according to Bass, Berry & Simms lawyers Britt Latham and Jason Hale.
  • Zurich Insurance Group dealt a blow to its catastrophe reinsurers as it posted $758mn of net losses from Superstorm Sandy, including $58mn of reinstatement premiums.