The crisis in the sub-prime mortgage market and the wide reaching effect that the securitisation of residential mortgages has had on the insurance and banking industries has brought sharp focus to the desirability or otherwise..
Hong Kong insurer downgraded
Rating agency Moody’s has downgraded the debt ratings of Hong Kong credit insurer, China Orienwise following the announcement of an investigation into alleged fraud at its parent company Credit Orienwise Group by..
Axa CS locates global support unit in Ipswich
Axa Corporate Solutions (Axa CS) has established a back office support unit for its international operations in Ipswich in the UK. The office will handle all the financial..
Torus acquires E&S insurer
The London market and Bermudian specialty underwriter Torus Insurance Holdings will acquire the US excess and surplus lines insurer, Praetorian Specialty Insurance Company (PSIC) from QBE Americas. PSIC is licensed to write..
Willis Re announces P&I unit
Reinsurance broker Willis Re has launched a Protection & Indemnity (P&I) and Marine Mutual Reinsurance unit as part of its Specialities Marine Division. Willis Re is the reinsurance arm of the..
14.9, crash, fatalities
Russia: a Boeing 737- 500 airliner crashed near the Ural mountains, killing all 88 passengers and crew on board, 21 of them foreign nationals. The aircraft, operated by Russia’s national airline Aeroflot and..
9.9, Hurricane Gustav
US: a single scrap metal company was responsible for all of about 70 barges and ships that floated loose in a major city canal during hurricane “Gustav,” threatening flood walls and a bridge,..
Singapore: a shipyard worker was injured in an explosion during welding work on pontoon Orion 1505 in the Pandan Road yard. The explosion ripped off part of the pontoon and sent an Indian worker..
10.9, ferry accident, jury recommendation
US: a federal jury recommended that a passenger crippled in the accident involving ferry Andrew J.Barberi in Staten Island in 2003 should receive nearly US$23.0mn for his past and future medical..
4.9, helicopter crash, investigation
United Arab Emirates: an investigation was launched by the Dubai police and civil aviation authority into the cause of a fatal crash on Sep 3 of a Bell 212 helicopter on an..
At the end of 2007, the former monopoly insurer Syrian Insurance Company (SIC), had a 60% share of the total insurance market; life, health and non-life combined.
Since then, the capture by the private insurance market..
This is not only because of insurance sector specific negative factors such as insured damage caused by Hurricane Ike and Gustav over the previous three weeks and the highly public $85.0bn bailing out of AIG,..
The World Bank’s private sector arm, the International Finance Corporation, has taken a 16.5% stake in Protecta, Peru’s first insurer specialising in microinsurance. The company was set up last March by the local ACP financial..
The Latin American subsidiaries of AIG have been forced to defend their positions in the wake of the beleaguered US insurance giant AIG’s recent rescue by the federal authorities. In Chile, Seguros Interamericana denied press..
Hungary’s 2007 total premium income increased by 12.1% to HUF930.3bn from 2006, well in excess of the 8% rate of inflation. Life insurance again increased faster, at 20.9% to HUF508.7bn and now accounts for 54.7%..
Liability insurers in Europe would be well advised to watch rulings on product liability, environmental regulation, and new levels of oversight. This was the view of Guy Carpenter managing director George Carrington as he introduced..
The Spanish insurance market grew by 3.1% last year to €53.97bn (US$78.04bn), according to figures published by Fundacion Mapfre, the nonprofit making shareholder of the demutualised insurance group. This included €30.96bn ($44.77bn) of non-life business..
Latest estimates of insured losses from hurricane Ike put the claims cost in the region of US$7-$12bn, adding to an already above-average year for US catastrophe losses. But rating agencies say that the increased number..
The US non-life reinsurance industry posted sharply reduced underwriting profits and lower investment earnings in the first half of 2008 but overall profitability for the sector remained higher than the prior-year period, according to a..
Reinsurance group Transatlantic Holding’s has formed a special committee of its board of directors to evaluate any proposals from AIG relating to the possible sale of AIG’s 59% stake interest in the company.
The Special Committee..
Given the gravity of the Wall Street crisis exemplified by the rescue of the AIG Group by the US federal authorities, the European Parliament felt able to rubber-stamp relatively modest reforms concerning the way VAT..
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