Standard & Poor’s announced that it has lowered its long-term counterparty credit and insurer financial strength ratings on Germany’s Gerling-Konzern Globale Ruckversicherungs-AG (GKG), the reinsurance arm of the Gerling Group, and its long-term insurer financial strength rating on related entities …
Assurances Generales de France (AGF), the French subsidiary of Germany’s Allianz, announced 1st half net income of €364 million*, a 1.4 percent increase over the same period last year, despite taking a €333 million* charge for the decline in equity …
16 leading insurance companies, including Munich Re, Swiss Re and Allianz, announced the foundation of “Extremus,” a jointly owned insurance vehicle which will provide excess coverage for losses caused by terrorism. With headquarters in Cologne Extremus will insure German companies …
SCOR, France’s largest reinsurer, reported that its 1st half net income had dropped 58 percent to € 21 million* from € 50 million* in the same period last year, due to the now familiar problem of declining equity values. The …
Boston-based AIR Worldwide, which is now a subsidiary group within the ISO, announced the release of the “AIR Terrorism Loss Estimation Model.” “The new catastrophe model, the first commercially available probabilistic model of its kind, can estimate the financial impact …
France’s AXA Group confirmed its earlier estimates (See IJ Website Aug. 21) by officially posting 17 percent growth in operating earnings to €1.022 ($1 billion) for the period ended June 30, compared to €876 million ($860 million) in the first …
Munich Re’s Chairman Hans-Jürgen Schinzler recently indicated that the world’s largest reinsurer may actually be exposed to less than the €2.6 billion ($2.55 billion) it has reserved for the payment of WTC related claims. In the interview with the German …
Typhoon Rusa battered the So. Korean peninsula over the weekend with 130 mph winds and torrential rains, leaving at least 50 persons dead and many more missing, in what authorities described as the most severe storm in 40 years, and …
The St. Paul’s plan to spin-off its reinsurance operations to Platinum Underwriters Holdings Ltd, a newly formed Bermuda company, has become the latest victim of the free fall in the world’s equity markets. At the beginning of July the St. …
Standard & Poor’s announced that it has raised its long-term counterparty credit and insurer financial strength ratings on Germany’s Gothaer Ruckversicherung AG (Gothaer Re) to single-‘A’-minus from triple-‘B’-plus, and further confirmed a stable outlook. “The upgrade is based on Gothaer …
