Singapore News

Validus Posts $238.5 Million Q3 Net Income; $300 Million for Nine Months

Bermuda-based Validus Holdings reported net income of $238.5 million, or $2.08 per diluted common share for the three months ended September 30, 2010, compared with net income of $499.2 million, or $5.21 per diluted common share, for the three months …

EU Regulator Flagged Potential Rolls-Royce Engine Problem in August

Three months ago a European regulator flagged possible problems with the engine that powered a Qantas Airways A380 that was forced to make an emergency landing in Singapore this week. The European Aviation Safety Agency (EASA) told airlines in a …

Qantas Grounds A380s after Engine Failure Causes Emergency Landing

Qantas Airways suspended flights of its Airbus A380 fleet on Thursday after engine failure triggered an emergency landing in Singapore, one of the most serious incidents for the world’s largest passenger plane in three years of commercial flight. The Airbus …

Aon Sees Catastrophes, Consolidation, Regulation in Asian Re Market

Aon Benfield launched a market update for the key Asia Pacific reinsurance hubs of Australia/New Zealand, Japan, Singapore and China at the recently concluded East Asian Insurance Congress (EAIC) in Bali. The announcement gave the following details for each of …

Ratings Roundup: Travelers (UK), Tenet, Allianz (France)

A.M. Best Europe – Rating Services Limited has affirmed the financial strength rating of ‘A (Excellent) and issuer credit rating (ICR) of “a+” of UK-based Travelers Insurance Company Limited (TICL), both with stable outlooks. TICL is expected to “maintain excellent …

Poll Shows AIA IPO Price Seen Above Mid-point; Will Raise $19.8 Bn

The IPO of American International Group Inc’s Asian life insurance unit is set to command a valuation above the mid-point of an indicative range as attractive valuations draw in investors to the world’s second-largest float this year. Bailed out insurer …

Best Affirms Aspen’s ‘A’ Ratings; Outlook Stable

A.M. Best Europe – Ratings Services Limited has affirmed the financial strength ratings of ‘A’ (Excellent) and the issuer credit ratings (ICR) of “a” of Aspen Insurance UK Limited (AIUK) and Bermuda-based Aspen Insurance Limited (AIL). Best also affirmed the …

AIA IPO Seeks up to $14.9 Bn

American International Group Inc (AIG) plans to raise up to $14.9 billion through an IPO of its Asian life insurance unit AIA Group Ltd, according to a document obtained by Reuters on Monday. The Hong Kong-based company plans to raise …

Source: Kuwait’s Investment Authority Commits $1 Billion to AIA IPO

American International Group Inc received a $1 billion commitment from Kuwait Investment Authority for the IPO of its Asian unit, the first major investment inked before the mega offering’s roughly $15 billion launch. KIA, the country’s sovereign wealth fund, is …

Willis Establishes Life Sciences Unit; Names Teixeira to Lead It

Willis Group Holdings announced the establishment of a new business unit within Willis Global Markets International (GMI) for the insurance of companies involved in Life Sciences. It also announced the appointment of Tom Teixeira as the Practice Leader, effective immediately. …