John Fitzpatrick, Swiss Re’s Head of Financial Services, is leaving the company to establish an investment fund in the insurance, securitization and financial services sector. Swiss Re’s bulletin indicated that it “plans to become a significant investor in this fund.” …
Swiss Re announced that the acquisition process of GE Insurance Solutions, including regulatory approvals, “is well on track for the expected mid-2006 closing of the transaction.” The soon to be world’s largest reinsurer also said it has enough cash on …
Standard & Poor’s Ratings Services moved quickly to affirm its “A” counterparty credit and financial strength ratings on IPCRe Ltd. and its “A” financial strength rating on IPCRe Europe Ltd. (collectively IPCRe), following the announcement that AIG intends to sell …
Bermuda-based IPC Holdings, Ltd. announced that AIG has given notice that it intends to exercise its demand registration rights to register for sale up to 15.397 million of the IPC common shares it owns (24.2 percent of outstanding shares) in …
Benfield, the London-based international reinsurance broker, announced that it has “formed a relationship with Merrill Lynch to offer insurers and reinsurers catastrophe (cat) bonds as a form of alternative capital for peak risk exposures.” Benfield’s bulletin notes: “Recent hurricane losses, …
A new American Medical Association report finds a steep decline in competition in the nation’s health insurance markets. “The remarkable reduction in the number of competing health plans is troubling for doctors and patients, as competition drives innovation and efficiency …
The Iroquois Group recently announced that Arthur Taibe has joined as a regional manager to serve member agents in New York state. Taibe has held various sales, marketing and branch management positions in New York. The Iroquois Group is a …
Safety Insurance in Boston, Mass. has appointed Ann McKeown to the position of director of its Massachusetts auto insurance underwriting. McKeown brings 16 years of insurance experience to her new position, having joined Safety Insurance in 1989. She was promoted …
The federal government could learn a thing or two from the Delaware- Maryland-Virginia area poultry industry about how to prepare for an outbreak of avian flu, according to the Delmarva industry officials. In a meeting called by U.S. Rep. Michael …
A number of nightclubs have received extensions on the July 1 deadline for installing sprinklers. Sprinklers and fire alarms are required at many nightclubs in an upgrade of the state fire code following the 2003 Station nightclub fire that killed …
