Trenwick Group Ltd. announced that it has entered into an agreement with Berkshire Hathaway to increase the total premium capacity of Trenwick Managing Agents’ Syndicate 839 at Lloyd’s for the 2002 year of account to $512 million. Berkshire Hathaway, the …
Moody’s Investors Service announced that has downgraded Munich Re’s insurance financial strength rating from the highest possible ‘Aaa’ to its next highest category ‘Aa1’ due to the ongoing erosion of values in the capital markets. The rating agency stressed that …
AXIS Specialty Limited, the newly formed Bermuda-based insurer, announced that Michael A. Butt has been elected as a member and as Chairman of the company’s Board of Directors, and that Maurice Keane and Mr. Edward J. Kelly, III were also …
To no one’s surprise shareholders of Italy’s Societa Assicuratrice Industriale (SAI) have approved a merger with rival insurer La Fondiaria SpA which will create Italy’s largest p/c insurer and third-largest insurer overall. SAI has been seeking control of la Fondiaria …
A.M. Best Co. announced that it has affirmed the A- (Excellent) financial strength rating of the U.K.’s Hiscox Insurance Company Limited (Hisco) with a stable outlook. The London-based insurer, a wholly owned subsidiary of Lloyd’s insurer Hiscox plc, provides coverage …
The International Commission on Holocaust Era Insurance Claims (ICHEC) announced that it has reached an agreement for payments totaling around $275 million to be made to Holocaust survivors and their families in compensation for unpaid life and property insurance claims …
Bermuda’s ACE Limited announced today that an accumulation of losses resulting principally from the recent floods in Eastern Europe will impact operating income in the third quarter of 2002, by “approximately $90 million after tax, or $0.33 per share.” The …
Willis Group Holdings, Limited announced the appointment of former U.S. Senator and basketball great Bill Bradley to its Board of Directors. Bradley, 59, is currently a Managing Director of Allen & Company and Chief outside advisor to McKinsey & Company’s …
AXA Has No Plans to Raise Additional Capital France’s Axa Group issued a statement that its financial structure was very strong, and that it has no plans to raise additional capital. “In spite of the drop in equity prices, the …
The Netherlands insurer and financial services company AEGON N.V. and its largest shareholder Vereniging AEGON (the “Association”) announced the placement of 350 million existing AEGON common shares at an offering price of €10.00 per bearer share and $ 9.71 per …
