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  • The latest insurer to face a hefty financial guarantee loss is Swiss Re North America, which was told this month that it must honour a policy guaranteeing the residual value of motor cars leased through Cleveland headquartered Key Bank USA between 1997 an
  • American International Group (AIG) chairman Harvey Golub has quit the firm over a rift with the group's CEO Robert Benmosche, and has been replaced with immediate effect by Robert S "Steve" Miller.
  • Fitch Ratings affirmed and then removed its insurer financial strength rating of CCC+ on the ACE American Reinsurance Company (AARe).
  • The "long reach" of US law in extraditing the "NatWest Three" bankers from the UK has highlighted the wordings requirements needed from directors' and officers' (D&O) liability insurance, according to Marsh Ltd.
  • US giant The Hartford ended a tumultuous 2003 on a high as it delivered a strong fourth quarter performance to post net income per diluted share of $1.59, 57 percent higher than the $1.01 achieved in the last quarter of 2002.
  • Heath Lambert Group has won the prestigious Sainsbury account from current incumbent Marsh Ltd, our sister publication The Insurance Insider revealed last week.
  • Bermuda based Everest Re saw its fourth quarter net profits double from $55.6mn to $121.8mn, or $2.15 a share, as the reinsurer continued to capitalise on the strong rate environment. Operating profits rose 95.9 percent to $118.6mn excluding realised capi
  • Following the resignation of its deputy chairman Michael Murphy last month, Quanta Capital Holdings has suffered further setbacks. The insurance company has suffered a 3.3 percent drop in its shares today (21 August) on top of a 9 percent drop last Friday
  • Illinois-headquartered Kemper Insurance Co has seen the surplus in its primary run-off unit, Lumbermens Mutual Casualty, plummet over the last year, fuelling speculation over the prospect of it entering liquidation.
  • Stone Point Capital managed fund Trident II is selling off 3 million shares it holds in Bermudian powerhouse Axis Capital Holdings in a block trade.