A cargo ship and a chemical tanker have both been hijacked by pirates in the perilous waters off the coast of Somalia, bringing to four the number of ships seized in the past week, officials said Saturday. The multiple hijackings …
Allianz annonced that, effective January 1, 2010, Manuel Bauer will be CEO of the new growth region – ‘Central and Eastern Europe, Middle East and North Africa’ (CEEMA). He succeeds Klaus Junker, former CEO of the New Europe region, who …
A.M. Best Co. has affirmed the financial strength rating of ‘A’ (Excellent) and the issuer credit rating of “a” of Italy’s Societa Cattolica di Assicurazione – Societa Cooperativa. Both ratings gave negative outlooks. Best said the ratings reflect its “expectation …
A.M. Best Co. has affirmed the financial strength rating of ‘A’ (Excellent) and the issuer credit rating of “a” of Hong Kong-based NIPPONKOA Insurance Company (Asia) Limited, both with stable outlooks for both ratings is stable. “The ratings reflect NIPPONKOA …
Political risk insurance premiums have risen across emerging markets in the last year, fuelled by rising resource nationalism and unrest linked to the financial crisis as well as a renewed concern over risk amongst investors. Foreign direct investors use the …
Federal officials announced the indictment of a Miami man in what they say is the largest identity theft ring ever exposed in the U.S. Albert Gonzales, 28, was indicted for conspiring to hack into computer networks supporting major American retail …
The Netherlands ING Group said on Thursday that it plans to divest operations worth up to €8 billion ($10.6 billion) to reduce risk and will focus its banking activities on Europe. ING, which was loss-making in 2008 and got a …
BNP Paribas, the French bank embroiled in plans to carve up struggling rival Fortis, posted an expected fourth-quarter loss and said market conditions would remain tough in 2009. France’s biggest bank by market capitalisation on Thursday reported a net loss …
Authorities in Boston have cracked what is believed to be the largest federal hacking and identity theft case ever, involving the theft and sale of more than 41 million credit and debit card numbers. Eleven people, including a U.S. Secret …
Zurich’s Emerging Markets Solutions group announced that it has provided political risk insurance (PRI) for the first public asset-backed securitization (ABS) project in the Ukraine. Zurich noted that this is the second time it “has provided political risk coverage for …
