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 …
A.M. Best Co. announced that it has affirmed the A++ (Superior) financial strength rating of Cornhill Insurance PLC, the U.K. subsidiary of Germany’s Allianz Group, with a negative outlook. Best’s report indicated that the rating reflected its view of Cornhill …
Marsh Inc. announced that it has signed a letter of intent to acquire Saldana & Associates, the leading insurance broker in Puerto Rico and the Caribbean, “subject to the customary conditions.” The bulletin indicated that Saldana, established in 1972, is …
Bermuda’s AXIS Specialty Limited announced that it has completed the acquisition of Connecticut Specialty Insurance Company, which will be renamed AXIS Specialty Insurance Company (ASI). The Connecticut-based surplus lines insurer “will specialize in large commercial property business with an initial …
Authorities are examining the circumstances surrounding the explosion and fire that ripped through the French supertanker Limburg on Sunday morning in the Gulf of Aden off the coast of Yemen. While all but one of the crew is safe and …
In an interview with the French financial journal La Tribune, AXA’s CEO, Henri de Castries indicated the company had no plans to raise additional capital and had sufficient funds on hand to continue its development. AXA, along with a number …
The U.K.’s Financial Services Authority (FSA) is reportedly confident that Australian insurer AMP will meet regulatory requirements concerning its U.K.-based Pearl life and pension operation. According to a report from Reuters News Agency, FSA Chairman Sir Howard Davies in a …
Standard & Poor’s announced yesterday that it has lowered its long-term counterparty credit and insurer financial strength ratings on Swiss Reinsurance Co. and related core subsidiaries of the Swiss Re group to double-‘A’-plus from triple-‘A’. At the same time S&P …
A preliminary draft of a report prepared for the European Commission apparently indicates that U.K. regulators failed to adhere to European Community regulations in auditing and oversight of Lloyd’s of London. According to a report from Reuters News Agency, which …
Assurant Group, a provider of specialty risk management programs for the financial services industry, and the Kingston Economic Development Corporation have announced plans for Assurant to build a new operations center in Kingston, Ontario. Plans call for the initial construction …
