News
Ace tipped to move for Transatlantic Re
Bermudian insurance giant Ace has been tipped to make a move for AIG's majority shareholding of Transatlantic Re.
Pet insurance market touted for major growth
A new report by independent market analyst Datamonitor reveals that the pet insurance market is one of the fastest growing insurance markets in the UK and is set to expand further.
Fitch updates AIG rating
Ratings has revised its Rating Watch on American International Group to 'Evolving' from 'Negative'.
HBoS/Lloyds TSB merger would create top UK 10 insurer
The announcement that Lloyds TSB and HBoS are in talks over a merger has raised the prospect of a new insurance powerhouse which would be ranked among the top 10 in the UK based on gross written premium.
UK insurance giant reveals AIG hit
Norwich Union has become one of the first major UK's insurers to reveal its exposure to AIG.
Greenberg may lead a bid to take over AIG or lend it cash
American International Group's chairman may lead a bid to take over the troubled insurer, or loan it enough money to withstand its current liquidity crisis.
Swiss Re outlines exposure to Lehman Brothers, AIG
Swiss Re, the reinsurance giant, said it has 50m CHF of exposure to collapse investment bank Lehman Brothers.
US governor backs fed rescue plan
New York governor David Paterson has voiced support for the the US government's decision to bail out AIG with an $85bn loan from the federal reserve bank.
AIG says $85bn loan will give company time to sell assets
AIG, the stricken insurer that was rescued by the Federal Bank of New York with an $85bn, has said that the deal will give it time to "sell assets in an orderly fashion".
AIG CEO resigns, former Allstate CEO Liddy takes place
AIG chief executive Robert Willumstad has resigned, and will be replaced by former Allstate chief executive Edward Liddy.
Federal Reserve Bank of New York saves AIG
The Federal Reserve Bank of New York saved AIG last night with a two-year, revolving $85bn revolving credit facility that will ensure that company meets its liquidity needs.
Aegon to take future of financial advice to party conferences
AEGON will host a series of breakfast roundtable discussions at each of the three main political party conferences in September and October, teaming up with the Social Market Foundation (SMF).
Aviva reveals debt exposure to Lehman Brothers
Aviva’s total debt exposure to Lehman Brothers was £270m at face value at close of business on 15 September 2008, the company has announced.
AM Best downgrades Lehman Re
US ratings agency AM Best has downgraded the financial strength rating (FSR) to B (Fair) from A- (Excellent) and issuer credit rating (ICR) to “bb” from “a-” of Bermudian reinsurer Lehman Re, which is the wholly-owned reinsurance subsidiary of collapsed…
Greenberg: Sale of AIG assets could raise $20bn
AIG could raise $20bn if it sold some of its assets, said former president and chief executive Hank Greenberg on a US TV interview today.
Fisher to move following Gallagher's Oxygen swoop
Arthur J Gallagher (UK) today announced the acquisition of Oxygen Insurance Managers, from Oxygen Holdings, a London market insurance intermediary, for an undisclosed sum.
LV= announces improvements to protection rates
Protection specialist LV= has announced improvements to its rates across its protection range, effective from 15th September.
AIG shares off 40% in early trading
Shares in AIG were off over 40% in early trading after news that the stricken insurance giant was downgraded by three ratings agencies.
Loss adjuster launches high end liability service
The Quest Partnership has launched a service to provide a tailor-made solution for complex and sensitive liability claims.
European insurers more stable than US counterparts, says CEA
The situation for European insurers is not comparable with the turbulent times faced by US financial institutions, according to the European insurance and reinsurance federation, CEA.
AEGON sponsors UK tennis
AEGON is to become the first ever Lead Partner of British Tennis following the launch of the new commercial programme in early summer this year.
Energy insurers bracing for underwriting loss after hurricanes
(BestWire) — The energy insurance industry, already struggling through a difficult underwriting period and massive claims inflation, fear the two back-to-back storms in the Gulf of Mexico could likely push the industry into the red this year.
Situation for European insurers 'not comparable' to US - CEA
The European insurance and reinsurance federation CEA has said that the situation for European insurers is not comparable with that of institutions affected in the US.
Moody’s adds to AIG’s woes in rating downgrade
Moody's Investors Service has downgraded the senior unsecured debt rating of American International Group to A2 from Aa3 in light of the continuing deterioration in the US housing market and the consequent impact on the group's liquidity and capital…