January, 2008
WASHINGTON?A major biopharmaceutical company is asking the Labor Department for permission to fund employee benefit risks through the Vermont branch of its Bermuda-domiciled captive insurer. Cephalon Inc., which is based in Frazer, Pa., wants to reinsure group term life, accidental death and...
NEW YORK (Reuters)?The insurance brokerage unit of Marsh & McLennan Cos. Inc. will undergo a major reorganization on Thursday at the hands of the unit's new chief executive, Dan Glaser, according to sources close to the situation. Michael Cherkasky, the CEO of the entire company, which...
Economic losses from natural catastrophes were up 50% on the previous year and insured losses totalled just under $30 billion according to figures by Germany?based Munich Reinsurance Co. Despite the absence of extreme events overall economic losses had reached $75 billion by the end of December,...
PARIS?Societe Generale Insurance has signed a memorandum of understanding with Indiabulls Financial Services Ltd. to create a life insurance joint venture in India. Paris-based Societe Generale, through its French life insurance company, Sogecap, will own 26% of the future joint venture....
NEW YORK (Reuters)?The Travelers Cos., one of the top U.S. insurers, Monday agreed to settle a class-action suit and investigations by several states into industry-wide insurance practices. Travelers, the biggest U.S. writer of commercial auto and business insurance , said in a filing that the...
NEW YORK (Reuters)?U.S. prosecutors may not call Berkshire Hathaway Inc. Chairman Warren Buffett as a witness in a criminal trial of former officers of its General Re Corp reinsurance unit, according to a court filing. Opening arguments are scheduled to begin on Jan. 7 in the trial of four...
ABERDEEN, Scotland?The Institute of Risk Management hopes to establish a new branch in northern Scotland. The London-based IRM wants to locate the branch in the Aberdeen and Inverness region and is asking for input from risk and business managers who are interested in participating. IRM has a...
