A water main rupture interrupted electrical and telephone services for several days to the Alabama Department of Insurance and the RSA Tower Building in which the department is located. According to Ragan Ingram, assistant Commissioner of Insurance, the staff is …
The AccuWeather.com Hurricane Center in State College, Pa. led by Chief Forecaster Joe Bastardi, has released its 2006 hurricane season forecast. An active hurricane season appears imminent, which could have major repercussions for the U.S. economy and the one in …
France’s AXA Group announced that its “squeeze-out of the minority shareholders of its German subsidiary AXA Konzern AG” is proceeding. AXA announced last year that it planned to acquire the remaining 7.24 percent of the shares of the German subsidiary …
Fitch Ratings announced that its existing ratings of the Bermuda-based PXRE Group Ltd. would remain on “Rating Watch Negative” following several recent announcements by the reinsurer. Fitch placed PXRE on Rating Watch Negative on Feb. 17, 2006 following the reinsurer’s …
American International Group announced that its life and general insurance subsidiaries in China, American International Assurance Company Limited and AIU Insurance Company Inc., respectively, have received approvals from the China Insurance Regulatory Commission (CIRC) for expansion throughout Guangdong province. AIG …
AIR Worldwide Corporation announced the release of its third generation numerical weather prediction-based (NWP) European Extratropical Cyclone Model. “The update further advances AIR’s industry-leading application of NWP technology to enable insurers to better estimate potential losses from extreme windstorms in …
Bermuda-based Validus Reinsurance Ltd., a subsidiary of Validus Holdings, Ltd., announced that it has entered into a collateralized quota share retrocession agreement “side-car” with Petrel Re Ltd., a newly formed Bermuda reinsurance company. Validus said “Petrel Re is assuming a …
Global broker Willis Group Holdings, Ltd. announced that it has been “awarded significant new construction and marine cargo business with the Fujian Refining and Ethylene Project (FREP).” Willis, which received written approval from the China Insurance Regulatory Commission (CIRC) to …
Fitch Ratings announced that it has assigned a “BBB-” rating with a positive outlook to Arch Capital Group, Ltd.’s proposed issue of $100 million of Series B non-cumulative perpetual preferred shares. Fitch said its “ratings on Arch reflect the company’s …
The Annual Meeting of Shareholders of American International Group, Inc. will be broadcast live on the Internet at: www.aigwebcast.com on Wednesday, May 17, 2006 at 11:00 a.m. AIG issued the following caveat in connection with the broadcast: “It should be …
