Zurich Financial Services (ZFS) announced the price of the 57.6 million new shares it intends to issue in a two-for-three rights offering will be SwF 65 ($43.75) per share, giving current holders a prima facia discount of 50 percent. The …
Swiss Re’s latest Sigma report, No.4/2002, offers an analysis of the non-life insurance industry, and how it is adjusting to “two major shocks – the catastrophic losses of 2001 and the ongoing stock market meltdown.” The report discusses the reactions …
Yesterday was not a good one for German insurers. In addition to lowering its ratings on Allianz (see previous article), Standard & Poor’s also announced that it has lowered its long-term counterparty credit and insurer financial strength ratings on Gerling-Konzern …
Montpelier Re Holdings successfully completed an initial public offering of 9.52 million of its shares priced between $20 and $22. The new Bermuda-based reinsurer raised around $190 million. The company was established after sept. 11 by White Mountains Insurance Group, …
Both Standard & Poor’s and Moody’s Investors Service announced Wednesday that they have downgraded their ratings on Germany’s Allianz AG, Europe’s largest insurer. S&P also announced that the ratings had been removed from CreditWatch, “where they were placed on Aug. …
The 11th annual Bermuda Angle Conference is scheduled to be held at the South Hampton Princess Hotel in Hamilton beginning Saturday, October 12 until Tuesday, October 15. It opens with a reception hosted by ACE Ltd. and a dinner sponsored …
Bermuda-based Allied World Assurance Company, Ltd (AWAC) announced that Gerald W. Browning has joined the company as a VP, responsible for the Casualty Facultative Reinsurance Department, and that Sylvan D. Richards Jr. has been appointed to the position of Assistant …
The article which appeared Friday concerning Standard & Poor’s decision to lower its ratings on Swiss Re from ‘AAA’ to ‘AA+’ incorrectly identified Employers Re (ERC) as one of the three remaining holders of a triple-A’ rating. ERC, the principle …
Authorities are still investigating the cause of the explosion and fire which ravaged the French supertanker Limburg, killing one crewman, in the Gulf of Aden on Sunday. The ship’s captain, Hubert Ardillon, told French TV and radio interviewers that, although …
The Hong Kong and Shanghai Bank (HSBC) has agreed to take a 10 percent stake in Ping An Insurance, China’s second largest insurer for $600 million. U.S. investment banks Goldman Sachs and Morgan Stanley already have a combined 14 percent …
