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NEW YORK?Representatives from Willis Group Holdings Ltd. declined to comment Thursday on reports that the brokerage has renewed its efforts to acquire its much larger rival, Marsh & McLennan Cos. Inc. Citing sources close to the matter, CNBC reported Thursday that London-based Willis recently sent...
Employment-based pensions received by men typically are much higher than pensions received by women, but the gap is likely to narrow somewhat in the future, according to a study released Thursday. The study by the Employee Benefit Research Institute in Washington found that 44.6% of men age 65 and...
HAMILTON, Bermuda?The Bermuda Monetary Authority made senior management changes Thursday that included the creation of a deputy chief executive officer position. Jeremy Cox was appointed to the new role of deputy CEO, effective immediately. Mr. Cox is currently the Hamilton, Bermuda-based regulator?
NEW YORK?Thomas V. Ealy, chief operating officer of Willis North America, has been tapped to lead the brokerage?s commercial and consumer segments for the United States and Canada, the London-based brokerage said Thursday. Willis? commercial segment comprises small and medium-size companies,...
FRANKFURT, Germany (Reuters)? The president of Germany's financial watchdog BaFin broke his silence on Wednesday, speaking for the first time publicly since the subprime crisis rattled Germany and warned that it could also suck in insurers. "Insurers don't invest in a vacuum and so they have...
HONG KONG (Reuters)? Moody's Investors Service on Thursday placed Ambac Financial Inc, which insures more than $500 billion in bonds, on review for a possible ratings cut, an event that could trigger similar downgrades on billions of dollars of debt. A cut could mean the ratings on the bonds...
NEW YORK (Reuters)?Bermuda reinsurers RenaissanceRe Holdings Ltd. and PartnerRe Ltd. said on Wednesday they will write off three-year-old investments in Channel Re, a reinsurer formed solely to do business with MBIA Inc., the world's largest bond insurer. The announcement comes after Channel...
GENEVA, Switzerland?Foreign insurers face significant barriers to entry in Brazil, China, India, Mexico and Russia despite the accelerated integration of these countries into the global economy in recent years, according to a report commissioned by The Geneva Association. The 246-page report,...
HARTFORD, Conn.?A lawyer for former General Re Corp. Chief Financial Officer Elizabeth Monrad attacked the credibility of a star government witness Wednesday, pointing to inconsistencies in the witness? statements about an allegedly phony 2000 reinsurance deal Gen Re struck with American...
NEW YORK?Veteran insurance brokerage builder John Addeo is launching a new personal lines brokerage that will focus primarily on the Hispanic consumer. New York-based Confie Seguros has secured $75 million in capital from San Francisco-based private equity firm Genstar Capital L.L.C., the brokerage?
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