Standard & Poor’s, while affirming Hannover Re’s overall ratings of AA- or better, revised its outlook from stable to negative, reflecting concerns over the German reinsurer’s rapid rate of growth. “The outlook revision reflects some concerns regarding the group’s risk-based …
Europe’s largest mutual life insurer, Edinburgh-based Standard Life, has set a date of June 27 for a special general meeting to vote on whether or not members want to demutalize the 175- year-old insurer. A group, led by Fred Woollard …
On Friday Minneapolis-based life Insurer ReliaStar confirmed that it was holding talks preliminary to a possible acquisition of the company, but declined to give further details. It was widely reported, however, that Reliastar is in negotiations with ING Group, the …
Specialty insurance web site www.iwix.net is up and running, offering agents and brokers access to potentially hundreds of products with no marketing costs. Iwix.net, the Internet Wholesale Insurance Exchange, is a specialty insurance transaction facility, offering agents and brokers the …
Berkshire Hathaway has agreed to buy U.S. Investment Corp., an insurance holding firm based in Wayne, Pa. Terms of the agreement were not disclosed. U.S. Investment, along with its three insurance firms, United States Liability Insurance Co., Mount Vernon Fire …
Under heavy investor pressure, Conseco Inc.’s two top executives have resigned their posts, effective immediately. Chairman Stephen C. Hilbert and Chief Financial Officer Rollin M. Dick made the announcement Thursday, saying Conseco’s market-value plummet over the last two years has …
Less than one month after being deemed under-reserved and in hazardous financial condition, Superior National Insurance Group is planning to sue Foundation Health Corp. over the 1998 purchase of Business Insurance Group, its workers’ compensation insurance operations. Foundation Health Corp., …
Just months after its launch last January, the Market Wordings Data Base (MWD) has begun to fulfill its role in unifying and modernizing the London insurance market. MWD provides a database with more than 8,000 entries containing policy forms, market …
The ongoing negotiations between London and Frankfurt to merge their stock exchanges have apparently reached a critical stage. The management and the supervisory boards of the Frankfurt Exchange were set to meet today and discuss the current state of the …
The Connecticut Senate Appropriations Committee has killed a bill that would have established a low-cost auto insurance policy for low-income drivers. The bill was based on similar “mini-policy” systems that have been adopted in other states, including California. The legislature …
