Lloyd’s has selected ten of the eleven members who will serve on the newly created Franchise Board (FB) which will take over management of the insurance market’s supervisory and commercial affairs beginning January 2003. Lloyd’s members approved the creation of …
Tony McGrath, the KPMG accountant who’s in charge of liquidating failed Australian insurer HIH, has filed a claim against the Australian government alleging that negligent supervision on the part of its insurance regulatory agencies substantially contributed to the collapse of …
Credit Suisse (CS) made a bold move towards restoring its troubled Winterthur Insurance subsidiary by appointing Leonhard Fischer, the former head of Allianz’ investment banking operations Dresdner Kleinwort Benson, as the group’s new CEO. “I have clearly not been given …
France’s AXA earned total revenues of Euro 56.911 billion in the first nine months of the year, compared to Euro 55.539 billion in the same period last year, a 2.5 percent increase. Factoring in exchange rate movements and accounting changes …
Boston-based AIR Worldwide announced that the company’s manager of engineering analysis, Dr. Paolo Bazzurro, has been selected to lead a group of engineers organized by the Earthquake Engineering Research Institute (EERI) to Molise, Italy “to study the impact of earthquakes …
Houston-based HCC Insurance Holdings, Inc. announced that it has reached an agreement to acquire St. Paul España, Compañia de Seguros, S.A., The Spanish P/C operations of the St. Paul Companies, headquartered in Madrid. Stephen L. Way, HCC Chairman and CEO …
Standard & Poor’s announced that it has lowered its counterparty credit rating on Trenwick Group Ltd. to ‘CCC+’ from ‘B,’ lowered the ratings on its operating subsidiaries, and is keeping the group on CreditWatch with negative implications. S&P’s decision follows …
The Congress of the Chinese Communist Party, currently being held in Beijing, is expected to result in the retirement of many of the party’s present leaders, and the inauguration of a new generation, generally expected to be more favorable to …
Fitch Ratings joined its colleagues, S&P and Moody’s, in announcing a downgrade of the long-term ratings of Royal & Sun Alliance Insurance plc (RSAIP) to ‘BBB’ from ‘A-,’ and its rating on the junior subordinated debt, approximately $1 billion, issued …
Eighty-four years ago at the 11th minute of the 11th hour of the 11th day of the 11th month the guns fell silent across Europe for the first time in over four years. The Great War had ended. Most countries, …
