Even before the oil tanker “Prestige” went to the bottom of the Atlantic off the Spanish coast yesterday, calls were being made for a reexamination of the laws governing international shipping, especially for petroleum products. The 26-year old single hulled …
Bermuda’s XL Capital has filed with the Securities Exchange Commission to sell up to $1.5 billion worth of common and preferred stock, warrants, debt securities and share purchase contracts. The “shelf registration” allows the company to sell the various securities …
Standard & Poor’s Rating Services announced that, although it was affirming the ‘AA’ insurer financial strength and counterparty credit ratings on Assicurazioni Generali SpA, the parent and main Italian property-casualty company of pan-European insurance group Generali, it has revised its …
Swiss-based Converium Group announced details of the $70.3 million in additional reserves it expects to fund for Converium North America during the fourth quarter. It also plans to raise an additional $200 million through the issuance of a “hybrid bond.” …
A.M. Best Co. announced that it has affirmed the financial strength rating of A- (Excellent) of Bermuda-based Max Re Ltd., a wholly owned subsidiary of Max Re Capital, with a stable outlook. Best’s report noted that the “rating reflects Max …
In a bulletin released today France’s Scor SA, the world’s 7th largest reinsurer, announced that it expects to post a 400 million Euro ($404 million) loss for the full year, following a net loss of 425 million ($429.5 million) for …
Australia’s beleaguered AMP Ltd. announced that it could writedown as much as A$1.2 billion (U.S.$675 million) in the value of its U.K. operations, chiefly Pearl and NPI, by the end of the year. The news comes on top of last …
Germany’s Allianz announced that it would report a net loss for the third quarter of 2.5 billion Euros ($2.525 billion) and a net loss of 924 million Euros ($933 million) for the first nine months of 2002 due to a …
Aon has agreed to sell its Sheffield Insurance Corporation, a specialty property and casualty insurance subsidiary, to Bermuda’s Axis Specialty Limited for an undisclosed price, subject to regulatory approval. Aon had previously announced plans to spin-off its P/C underwriting operations, …
While it wasn’t in the same league with Allianz, Italy’s Generali posted a 401 million Euro ($402.7 million) loss in the third quarter, compared to a 171 million Euro ($171.7 million) profit in the same period last year. Most of …
