Standard & Poor’s indicated that its ratings on Switzerland’s Zurich Financial Services (ZFS) will “remain on CreditWatch with negative implications, where they were placed on Sept. 5, 2002, pending the successful implementation of ZFS’ rights issue.” (See IJ Website Sept. …
Aegon, the Netherlands second biggest insurer and financial services company, announced that it has reached an agreement with its largest shareholder, Vereniging AEGON (the Association), providing for the sale of 350 million shares, which is projected to raise around £2 …
Swiss Re announced that it will host a conference on the Alternative Risk Transfer market, “ART Solutions in a time of capacity shortage,” from 8:30 am to 10:30 am, Thursday, September 19, at the Park Avenue Plaza, located at 55 …
Lloyd’s announced on Friday that 79.88 percent of those eligible to vote at an Extraordinary General Meeting on Thursday had backed the reform proposals prepared and endorsed by Lloyd’s management. The vote authorizes potentially the biggest changes in Lloyd’s operations …
EQECAT Releases Probabilistic Terrorism Insurance Model Oakland-based EQECAT, a leading risk management consulting firm, announced that it has released a “full probabilistic model for terrorism risk assessment for use by insurers and reinsurers.” It “covers all relevant risk sources” in …
Bermuda-based PartnerRe announced that it has reprinted its research report, “Floods – Causes, Effects and Risk Assessment, ” following the devastating flooding in Europe in August. Originally published in 1997, the study offers a descriptive guide to assessing flood perils, …
Allianz AG announced that it will increase the reserves of Fireman’s Fund Insurance Company, its its California-based U.S. property/casualty subsidiary, by $750 million, primarily to cover the anticipated increase in asbestos and environmental (A&E) risks. The additional funds, scheduled to …
The U.K.’s Royal & Sun Alliance Group issued a brief statement that CEO Bob Mendelsohn had resigned from his position and as a Director of the company effective immediately. The news was not unexpected. Rumors have circulated since the beginning …
The cost to France’s insurance industry from the severe flooding in three southeastern departments (See Insurance Journal Website Sept.10) will be around £150 million ($147 million) according to preliminary estimates. According to a report in Les Echos, the French Financial …
Italian insurer Societa Assicuratrice Industriale SpA. (SAI) announced that it would exercise the call/put option it has with a group headed by J.P. Morgan Chase to acquire an additional 19.8 percent stake in rival insurer La Fondiaria Assicurazioni Spa (Fondiaria). …
