Aviva, PLC, once known as the insurance company CGNU, has agreed to sell its general insurance operations in Australia and New Zealand to the Insurance Australia Group (IAG) for A$1.86 billion (approximately U.S. $1 billion). Negotiations between the two companies …
Andrew Mohl, who took over as CEO of Australia’s AMP in September, has announced a number of changes, aimed at restoring the company’s image and profitability, following a steep fall in its share price, due mainly to troubles with its …
Consob, the Italian stock market regulatory body, has launched an investigation into the role played by Mediobanca, the powerful Milan based merchant bank, in behind the scenes manuevering concerning the SAI/La Fondiaria merger. The bank has frequently been accused of …
In a move aimed at raising some additional cash, Credit Suisse has sold its remaining stake in Swiss Re through its investment banking division Credit Suisse/First Boston. The bank, which held around 11 million Swiss Re shares, approximately 3.5 percent …
A.M. Best Co. announced that it has lowered the financial strength ratings to A+ (Superior) from A++ (Superior) of Employers Reinsurance Corporation (ERC) and its affiliated domestic and international non-life and life reinsurance companies, cumulatively comprising the GE Global Insurance …
Bermuda’s RenaissanceRe Holdings Ltd. announced that it expects to report operating earnings for the three months ended September 30, 2002 of between $1.10 to $1.15 per share. It also announced that it will account for employee stock options as an …
XL Capital Ltd. led off the Bermuda Angle Conference at the Fairmount Southampton Princess Hotel in Bermuda with the announcement that the company’s 3rd quarter earnings would be hit by an estimated net loss from the European floods of approximately …
The Joint Hull Committee (JHC), a cooperative organization between the London-based International Underwriting Association (IUA) and Lloyd’s Underwriters’ Association, announced that recent hull losses would increase pressure for rate increases. The JHC estimates that the total cost of recent marine …
Judge Lorenzo Garcia of the U.S. District Court in Albuquerque New Mexico has upheld the ruling of a U.K. court in favor of Lloyd’s claims for a total of $2.8 million from six American investors, or “Names.” The case involved …
Local authorities in the town of Kuta on the Indonesian island of Bali have confirmed that at least 190 people died, and more than 300 were injured, when an enormous explosion completely destroyed the Sari Club, a local discotheque, and …
