Last month’s huge earthquake in Chile might cost the insurance industry up to $7 billion in damage claims, the world’s top two reinsurers said, but it looks unlikely to raise reinsurance prices. World leader Munich Re said it expected the …
Maurice “Hank” Greenberg, the former chief executive of American International Group Inc., will testify Wednesday over a sham transaction involving the insurer and a unit of Warren Buffett’s Berkshire Hathaway Inc, a judge ruled. New York State Supreme Court Justice …
February was a short month, but a deadly one. In addition to a massive earthquake in Chile, the Northeastern U.S. was hit by three blizzards; floods and mudslides ravaged the Portuguese island of Madeira and beleaguered Haiti, and a violent …
Warren Buffett is considered expert in many things in the financial world. Credit cards apparently are not among them. The world’s second-richest person often admits when he gets things wrong. He did so on Saturday in his annual letter to …
Warren Buffett’s Berkshire Hathaway Inc. said fourth-quarter profit surged, helped by derivatives bets tied to global stock markets, though operating profit fell 40 percent as the weakened economy weighed on several businesses. Profit rose for a third quarter, as Berkshire …
Munich Re has released a statement that “National Indemnity Company, Omaha, USA, informed us in accordance with Section 21, para. 1 of the German Securities Trading Act (WpHG) that its share of the voting rights in our company had exceeded …
Two leading European insurers on Thursday unveiled big dividend increases, confirming a sector-wide trend as the industry takes comfort from a steady recovery in its capital strength since the crisis. AXA, Europe’s biggest insurer, raised its 2009 dividend by 38 …
Swiss Re returned to profit in 2009. The world’s number two reinsurer reported net income of CHF506 million [$468.9 million], compared to a loss of CHF 864 million [$800.6 million] in 2008. The earnings statement noted: “Net income was impacted …
Liberty Mutual Insurance Co. last Friday asked a federal judge to undo part of a recent settlement by a reinsurance unit of Warren Buffett’s Berkshire Hathaway Inc. with federal investigators, saying it was a victim of fraud. The reinsurer, General …
Former U.S. Treasury Secretary Henry Paulson and billionaire investor Warren Buffett, from different sides of the political spectrum, expressed support Tuesday for the U.S. government’s aggressive steps in 2008 to keep the nation’s banks and economy from a complete meltdown. …
