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 …
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 …
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 …
Bermuda’s PXRE Group Ltd. announced that James F. Dore the Company’s Executive VP, Treasurer and Chief Financial Officer, will retire at the end of September 2002. He’ll be succeeded by John Modin, former CFO of Enterprise Reinsurance Holdings Corporation. Dore …
Despite both good and bad news, France’s AXA Group released preliminary estimates showing an operating profit of €1.02 Billion ($1 billion) for the first half of 2002, compared to € 880 million ($867 million) in the same period last year, …
Standard & Poor’s Ratings Services announced that it has lowered its long-term counterparty credit and insurer financial strength ratings on various operating entities of U.K.-based Royal & Sun Alliance Insurance Group PLC (R&SA) to single-‘A’ from single-‘A’-plus with a negative …
A.M. Best announced that it has affirmed its A+ (Superior) financial strength ratings for Hannover Ruckversicherungs AG and other entities of the German-based reinsurer, but maintains a “negative outlook.” “These rating actions reflect Hannover Re’s excellent business position and historically …
A number of European insurers and reinsurers have indicated that despite the widespread damages caused by the ongoing floods in Germany and Eastern Europe, their exposure to claims is limited. With analysts now increasing their overall damage estimates daily – …
Torrential rains, which have already been responsible for flash floods and landslides that have killed an estimated 250 people, are continuing in China’s heavily populated Hunan Province, raising threats of a widespread disaster. The Yangtze River is approaching flood levels …
Moody’s Investors Service announced that it has “placed the ratings of the Royal & Sun Alliance Insurance Group under review for possible downgrade.” R&SA has been selling off a number of assets in an effort to raise around £800 million …
