A.M. Best announced that it has affirmed the financial strength rating of A- (Excellent) of the Lloyd’s market with a stable outlook. “The affirmation reflects Lloyd’s excellent business profile, excellent capitalisation and high standards of regulation,” said the bulletin. It …
Munich-American RiskPartners, a division of American Re-Insurance Company, and a member of the Munich Re Group, announced that is shifting the underwriting and marketing functions for its Canadian clients to the North American headquarters of American Re in Princeton, New …
ING announced that Diederik Laman Trip will become the new Chairman of the Management Committee Netherlands as of 1 January 2003, succeeding Durk Brands who’s retiring. “Laman Trip has been a Member of the Executive Committee ING Europe since 1 …
XL Capital Assurance Inc. (XLCA), a unit of Bermuda’s XL Capital Ltd., announced the formation of a financial guarantee subsidiary in London, XL Capital Assurance (U.K.) Limited (XLCA-UK), specializing in credit enhancement products for the European market. The new XLCA …
Nordea, Scandinavia’s largest financial services and insurance group, announced that CEO Thorleif Krarup has resigned “for family reasons,” and will be succeeded by Lars G. Nordstroem. Nordea, formed in 2000 by a merger between Finland’s Merita Bank and Sweden’s Nordbanken, …
Holland’s ING Group announced Friday that Peter Gloystein, a member of the Executive Committee of ING Europe, has decided to leave the Group at the end of August. The company stated that he was leaving “by mutual agreement,” due to …
Iowa-based Principal Financial Group announced that it has reached a definitive agreement for the sale of its BT Financial Group businesses to Australia’s Westpac Banking Corporation for an initial payment of A$900 million ($488 million) and a future contingent payment, …
Standard & Poor’s reacted quickly to the announcement by Japan’s Kyoei Mutual Fire & Marine Insurance Co. that it had canceled plans to join the Millea Group, and would instead become a subsidiary of the National Mutual Insurance Federation of …
Holland’s ING Group surprised analysts yesterday when it released its first half results. Although operational net profit declined by 2 percent, most forecasts had expected even more negative figures. ING earned €2.354 billion ($2.347 billion) from operations and registered an …
Many analysts expect that the floods in Eastern Europe could end up costing the continent’s insurers as much as $3 billion, but two leading reinsurers, Hannover Re and Converium, both issued statements yesterday indicating that their expected losses would be …
