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HARTFORD, Conn.?Former American International Group Inc. Vp Christian M. Milton told another AIG official that he did not expect losses on a 2000 reinsurance deal with General Re Corp. to exceed the deal?s $500 million premium, even though the contract appeared to transfer up to $600 million in...
CHICAGO?A federal appellate court has upheld its decision to allow a securities fraud case to proceed against Tellabs Inc. nearly seven months after the U.S. Supreme Court overturned the earlier ruling because of the appellate court?s improper analysis of the claimants allegations. The closely...
NEW YORK?Swiss Reinsurance Co.?s capital markets unit has structured and placed $85 million worth of securities covering windstorms in the United States and earthquakes in California and Central America, the reinsurer said Tuesday. Swiss Re in a statement said the bond is the first linked to...
NEW YORK?Policyholder law firm Anderson Kill & Olick P.C. has rejected a merger offer from the much-larger Reed Smith L.L.P. law firm, but the firms are coordinating the movement of more than one-third of Anderson Kill?s partners to Reed Smith. As a result, about two dozen of Anderson Kill?s 69...
WASHINGTON?A.J. Heinz Co. is asking the Labor Department for permission to expand employee benefit risks funded through its Vermont captive. In 2006, the Labor Department approved Heinz?s request to use its Vermont captive, Heinz-Noble Inc., to reinsure group term life insurance policies written by...
VIENNA, Austria?Wiener Staedtische Versicherung AG, Vienna Insurance Group, reported Tuesday that its unconsolidated group premiums reached ?7.17 billion ($10.4 billion) in 2007, up 17.2% from last year. The group's consolidated pre-tax profit will be approximately ?435 million ($631 million),...
LONDON?Aon Ltd., the London-based unit of Chicago-based brokerage Aon Corp., has appointed Robert Brown to head its U.K. corporate insurance business. Mr. Brown has been named chief executive officer of Aon Corporate, which includes the company?s large commercial insurance, professional...
TBILISI, Georgia?MAI Insurance Group has opened a new insurance and reinsurance brokerage office in Tbilisi, Georgia. The Budapest, Hungary-based group specializes in risks located in central and eastern Europe and now has a presence in 14 countries. The broker said in a statement that its new...
LONDON (Reuters)?European insurers dropped on Monday on fears over their bond exposure following news that a unit of bond insurer Ambac Financial Group Inc. lost a crucial "AAA" rating. The DJ Stoxx insurance index was down 5.9% at its lowest for two years and making it the biggest sectoral faller...
FRANKFORT, Ky.?About 100 employers filed a position statement Friday opposing a settlement that the Kentucky Office of Insurance has proposed for officers and trustees of a failed workers compensation self-insurance group fund. The settlement would end several lawsuits, including some filed by...
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