January, 2008
CINCINNATI?Great American Insurance Group has created an environmental division that will offer environmental liability products for retail and wholesale business, the insurer said Tuesday. Cincinnati-based Great American said it expects the division will be writing business by April. It will be...
With the traditional insurance market softening, captive formations are easing in two of the nation?s largest captive domiciles. In Vermont, 32 captives were licensed in 2007, down from 37 each in 2006 and 2005. New captive sponsors included well-known companies such as American International Group...
LONDON?London-based Liberty International Underwriters, a division of Boston-based Liberty Mutual Group Inc., has acquired Vision Underwriting, a Cheltenham, England-based specialist in professional indemnity, employers, legal expenses, public and products liability and directors and officers...
BUDAPEST, Hungary (Reuters)?Hungary's OTP Bank is close to signing a deal to sell its insurance arm Garancia and an announcement could come in late January or early February, a source close to the deal said. OTP has already settled most outstanding issues on the sale and only the final...
VANCOUVER, Canada (Reuters)?Canadian Imperial Bank of Commerce, grappling with some $11 billion in exposure to the battered U.S. subprime mortgage market, shook up its executive suite Monday, ousting its chief risk officer and the head of its corporate and wholesale banking unit. A management...
DOHA, Qatar?Doha Bank is launching a commercial insurer it says is the Middle East?s first bank-run insurance company. Doha Bank Assurance Co. formerly opens Jan. 7. It will write all classes of general insurance from its Doha, Qatar base, including contractors risk, marine insurance, property...
HARTFORD, Conn.?Opening arguments were heard Monday in the trial of five former executives of General Re Corp. and American International Group Inc., who are charged with conspiring to inflate AIG?s loss reserves by $500 million with a pair of bogus reinsurance transactions. Assistant U.S. Attorney...
BOSTON?A lawsuit filed by Massachusetts authorities against Great American Insurance Group accuses the insurer of rigging bids, allegations that the insurer denies. Massachusetts Attorney General Martha Coakley filed suit in Suffolk County Superior Court late Friday, alleging that Cincinnati-based...
HAMILTON, Bermuda?White Mountains Insurance Group Ltd. on Monday said its White Mountains Re unit is acquiring a sidecar that provided it retrocessional coverage, for about $150 million. Helicon Re Holdings Ltd., parent of Helicon Reinsurance Co. Ltd., had shareholders equity on a generally...
WASHINGTON (Reuters)?The Supreme Court declined Monday to hear an appeal by Canadian mining company Teck Cominco Ltd. of a ruling that an American environmental law applies to a foreign company when some of its pollution reaches U.S. territory. Vancouver-headquartered Teck appealed in an effort to...
