October, 2007
ATLANTA?United Parcel Service Inc. would be allowed to withdraw from a huge multiemployer pension plan under a tentative agreement reached Sunday between the International Brotherhood of Teamsters and UPS. Under the agreement, Atlanta-based UPS would withdraw from Central States Pension Fund, which...
WILMINGTON, Del.?American International Group Inc. and AIG shareholders together have filed a consolidated amended complaint against former chairman Maurice R. Greenberg and former chief financial officer Howard Smith, charging them with breaching fiduciary duties. The complaint was filed in...
NEW YORK?Insurance brokerage holding company Kinloch Holdings Inc. named William Corrigan as its chief financial officer Monday. Mr. Corrigan joins the New York-based company after holding a number of positions at London-based Willis Group Holdings Ltd., including deputy chief operating officer for...
LOS ANGELES (Reuters)?American International Group Inc. shareholders have sued the company's auditor, PricewaterhouseCoopers L.L.P., and about four dozen other individuals and companies, seeking to hold them liable for a financial restatement and a $1.64 billion regulatory settlement. The...
LONDON?The U.K insurance industry faces a ?severe? skills shortage, in direct contrast to the ?rising giants? of India and China, warned Richard Ward, chief executive of Lloyd?s of London. Mr. Ward announced that Lloyd?s shortly will launch a graduate program, Mr. Ward said. Speaking at the...
ATLANTA?Crawford & Co. promoted Jeffrey T. Bowman, who has been closely involved in the company?s international expansion, as president and chief executive officer, effective Jan. 1. Mr. Bowman, who previously was chief operating officer of Crawford?s Global Property & Casualty unit, succeeds...
LONDON?KPMG L.L.P. in London has reported that 48% of leading U.K. investors questioned in a survey would welcome an increased emphasis on the reporting of business risks and opportunities, compared to 52% who think it is about right. For companies reporting from emerging markets, the...
HAMILTON, Bermuda?Alea Group Holdings (Bermuda) Ltd. has reached an agreement to ?fully and finally? commute all exposure under a certain excess-of-loss reinsurance treaty. In a statement the Hamilton, Bermuda-based company said that it expects to record an after-tax loss, of approximately $25.
ZURICH, Switzerland (Reuters)?UBS A.G., the world's largest wealth manager, unveiled $3.4 billion in losses, swept out senior managers and slashed jobs in one of the biggest casualties yet worldwide from the credit crunch. UBS said on Monday it would write down 4 billion Swiss francs ($3.42...
GENEVA?The Federation of European Risk Management Associations is considering its response to the European Commission?s inquiry into the business insurance industry, the representative body?s President, Marie-Gemma Dequae, said at the opening of its fifth annual conference in Geneva, Monday....
