Germany’s Allianz announced that it has reached an agreement with Turkey’s Yapı Kredi for a 15-year exclusive distribution agreement and for Allianz to acquire Yapı Kredi Sigorta, the property and casualty insurer, including its subsidiary Yapı Kredi Emeklilik, the life …
Europe’s carefully maintained autobahns, high-speed TGV trains and vast network of modern airports have long been the envy of the world. But thanks to austerity budgets that are slashing infrastructure spending just as other parts of the world are ramping …
A.M. Best Europe – Rating Services Limited has assigned a financial strength rating of ‘B++’ (Good) and an issuer credit rating of “bbb” to Bahrain’s Takaful International Company BSC (TIC), both with stable outlooks. Best said the ratings of TIC …
Swiss Re announced that it has reached a settlement of a dispute with Berkshire Hathaway over a life retrocession agreement, concluded in 2010. The reinsurer said it “has agreed to take back some of the risks covered by the contract …
Lloyd’s announced an overall profit of $4.517 billion for 2012, making the $800 million loss in 2011, the costliest year on record for natural catastrophes, a fading memory. Controlled growth in 2012 saw gross written premium income reach a record …
Prudential, Britain’s largest insurer, has been fined £30 million ($45.4 million) for failing to tell the UK financial regulator about its attempted takeover of Asian rival AIA three years ago. The Financial Services Authority (FSA) said on Wednesday the size …
China and Brazil agreed on Tuesday to swap up to the equivalent of $30 billion in each other’s currencies if need be so that their fast-growing commercial ties will not suffer if a new banking crisis causes dollar trade finance …
Swiss Re has released its latest sigma study, which found that economic losses from natural catastrophes and man-made disasters reached $186 billion in 2012. Insured losses amounted to $77 billion, making 2012 the third most costly year on record. Weather …
Miller Insurance Services announced that non-marine casualty reinsurance production and placement specialist Ian Wicks has joined its reinsurance team in London. James Geffen, Head of Reinsurance and Board Member at Miller noted that Wicks “has been a leading casualty reinsurance …
PartnerRe Ltd. has formed Lorenz Re Ltd., a special purpose insurer domiciled in Bermuda. Lorenz Re was capitalized with $75 million through the issuance of multiple classes of preference shares. It will provide additional capacity to PartnerRe on a diversified …
