International News for November 2002 Changes at Global Aerospace – Aviva Exits, R&SA Decreases and Converium Ups Stake S&P Lowers, Withdraws ESG Re Ltd. Ratings Report Swiss Flood Losses Estimated at $27 Million S&P Affirms If P&C Insurance Group ‘A-’ Ratings Munich Re Optimistic Despite $847 Million Q3 Net Loss A.M. Best Places Ratings of Kingsway Under Review The St. Paul Launches New Lloyd’s Syndicate ING Sells 36 Million Shares, Raises $666 Million PartnerRe Registers to Sell $386 Million in Mixed Securities Liberty Mutual Group Acquires Winterthur Portuguese Units China Extends Airline Terrorism Coverage S&P Lowers American Re Ratings to ‘AA-’ AIR Releases New Models for the Asia-Pacific Region Moody’s Lowers Converium’s Ratings A.M. Best Lowers SCOR Group Ratings to A- (Excellent) Trenwick’s Credit Providers Extend Forbearance Agreement to Dec. 6 S&P Says Japanese Non-Life Insurers’ Mid-term Results in Expected Range BNP Buys French Gov’t. Share of Credit Lyonnais for $2.2 Billion German Broker Becomes inreon’s 100TH Member White Mountains Names Barrette President, CEO RI3K CEO Tells London Market Why Tech Matters, but Experience Matters More XL Capital Appoints Robert Nason as Group Risk and Underwriting Officer of XL Re London Market Braces for Oil Spill Losses EU Adopts New Regulations on Bancassurance Xchanging to Receive Additional $79 Million from General Atlantic Latest Tanker Disaster Reopens Debate on Oil Shipments XL Files Shelf Registration to Raise $1.5 Billion S&P Raises Czech Insurer’s Ratings to ‘BBB-’ Converium Gives Details on Reserves, Plans to Raise $200 Million A.M. Best Affirms Max Re ‘A-’ (Excellent) Rating S&P Revises Assicurazioni Generali Outlook to Negative Scor Expects $404 Million 2002 Loss, Recovery Plan Under Way AMP to Writedown up to $675 Million from U.K. Operations Allianz Posts $2.52 Billion Q3 Net Loss, $933 Million 1st Nine Months Axis Specialty to Buy Aon’s P/C Underwriting Unit Generali Posts $402.7 Q3 Loss Lloyd’s Names Franchise Board Members Liquidator Seeks Recovery from Australian Gov’t. for HIH Losses Report Ex-Allianz Investment Chief to Head Winterthur AIR Earthquake Engineer To Lead Reconnaissance Team to Italy HCC To Acquire St. Paul’s Spanish Operations AXA Posts 2.5% (5.3% Comparable) Revenue Gain for First 9 Months S&P Lowers Trenwick Ratings to ‘CCC+’ China Party Congress May Ease Rules for Foreign Insurers Fitch Lowers R&SA Insurance Ratings to ‘BBB’ Remember the End of “The Great War” Swiss Re Selects John Coomber as New CEO S&P Lowers and Withdraws CNA Re Ratings AIG Fund Buys 25% of Indian Coffee Co. S&P Cuts R&SA Group Ratings to ‘A-’ Trenwick Reports $135 Million Q3 Operating Loss Aegon Q3 Net Drops 28% to $429 Million R&SA Reports Improved 9 Month Earnings; A.M. Best Affirms ‘A-’ (Excellent) Rating PXRE Reports $11 Million Q3 Profit Swiss Re’s Chief US Economist Comments on Fed’s Rate Reduction S&P Lowers Ratings on Canada’s CGIC to ‘BBB-’ Montpelier Re Posts $26.5 Million Q3 Net Profit Report RenRe Has Potential 14.2% Stake in Platinum Lord Levene Takes Over as Lloyd’s Chairman Platinum Formally Operational, A.M. Best Assigns ‘A’ (Excellent) Rating SCOR Appoints Denis Kessler as New CEO to Succeed Jacques Blondeau Trenwick in Deal with Berkshire Hathaway for Lloyd’s Support China Admits Three More Foreign Insurers Royal & Sun Under the Gun Kingsway Applauds Ontario Auto Insurance Reform Proposals Max Re Details Board Changes, Stock Repurchase Plan, Dividend Payment and Management Fees PartnerRe Weathers the Storm: Cuts Q3 Losses, Premiums Up 45% Court Ruling Challenges SAI-La Fondiaria Merger SCOR Responds to Ratings Downgrades Arch Names Lesley Andrea Heath Harding as London Sr. Exec CNA Completes Sale of London Reinsurance Company S&P Affirms Groupama ‘A’ Ratings International News Archives
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