December, 2007
ZURICH, Switzerland (Reuters)? Swiss insurer Baloise said on Thursday its chief executive is leaving due to differences of opinion about the management of the company, increasing speculation over a possible takeover or merger. The company's shares were boosted by the news of Frank Schnewlin's...
RIYADH, Saudi Arabia? Allianz Saudi Fransi has appointed Antoine Issa as chief executive officer and charged him with strengthening the insurer?s position in the Saudi Arabian market. Mr. Issa was formerly deputy CEO at Allianz SNA Lebanon and was involved earlier this year in establishing the...
LONDON?The Institute of Risk Management has appointed Simone Wray as chairman. Ms. Wray is strategic risk manager for Warwickshire County Council and a fellow of the London-based IRM. She has been a board director of the IRM for eight years, the association said in a statement. Paul Golding,...
MANAMA, Bahrain? Allianz S.E. is establishing a Bahrain-based holding company to oversee its operations in the Middle East, North African and Indian Subcontinent. The Munich, Germany-based insurance group has been granted authorization by the Central Bank of Bahrain to open the office, Allianz...
LOS ANGELES (Reuters)?A San Francisco federal judge has rejected a proposed class-action settlement negotiated by law firm Milberg Weiss, citing outsized legal fees and questions about whether a firm accused of criminal wrongdoing should represent shareholders. Once the largest shareholder...
WASHINGTON (Reuters)?U.S. House Democrats are aiming for a floor vote, possibly on Thursday but more likely next week, on a revised terrorism insurance bill making limited concessions to a rival Senate version, Rep. Gary Ackerman said Wednesday. "We really need to get this done," the New York...
CHICAGO?Canadian broker HKMB International Insurance Brokers will become part of Chicago-based Hub International Ltd. under a definitive agreement reached by the brokers, Hub said Wednesday. Upon completion of the deal, which is expected early next year, HKMB will become a new regional platform for...
BERLIN (Reuters)?Swiss Reinsurance Co.'s recently announced write-down related to credit default swaps is significant but the world's biggest reinsurer can absorb it, a member of the firm's executive board said on Wednesday. Roger Ferguson, a former vice chairman of the Federal Reserve and head of...
WASHINGTON?House Financial Services Committee Chairman Barney Frank, D-Mass., indicated Wednesday that he would be willing to replace some provisions of his bill to extend the federal terrorism insurance backstop with provisions of a less-expansive bill passed by the Senate. Among other things,...
LONDON? Output from Fitch Ratings Ltd.?s capital model, has resulted in only a limited number of rating actions, and supports the rating agency?s belief that insurers in the United States and Europe are strongly capitalized. Three years in development, Fitch published the results of its...
