News
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…
MDU appoints new CEO
The Medical Defence Union has appointed Dr Christine Tomkins as its new chief executive. She will take over from present CEO Dr Michael Saunders after his planned retirement from the MDU board at the end of April 2009.
Former motor insurer acquired for £1
Charles Taylor Consulting through its wholly owned subsidiary LCL Acquisitions, has acquired 100% of the share capital of Santam Europe Limited from Santam International for £1.
Hannover Re says has €23m of exposure to Lehman Brothers
German reinsurer Hannover Re said it has €23m of exposure to collapsed US investment bank Lehman brothers.
Munich Re says has €350m of total exposure to Lehman Brothers
Munich Re, the German reinsurance giant, said that it has €350m of exposure to collapsed US investment bank Lehman Brothers.
Manchester broker expands with acquisition
Manchester-based Stanmore Insurance Brokers, which is part of the Brokerbility Group, has acquired a further business in the North west.
Libero looking for alternative capital after Lehman collapse
The senior directors of Libero Ventures, which is 80% owned by collapsed investment bank Lehman Brothers, has said that it is looking for alternative capital in the wake of the collapse of majority owner Lehman Brothers.
Ike probably the third largest US hurricane loss in history- Fitch
With estimates among the three major catastrophe modeling firms ranging from $6-$18bn, losses from Hurricane Ike will be material to both the primary insurers located in the U.S. and to the global reinsurance industry, according to Fitch Ratings in a new…
Randall & Quilter buys KMS
Randall & Quilter, the run-off management service provider and acquirer of solvent insurance companies in run-off, said it has acquired KMS, the London-based provider of insurance run-off services, through the acquisition of the holding company Continuum…
Fitch joins Best and S&P in downgrading AIG
Fitch Ratings has downgraded the issuer default rating (IDR) and outstanding debt ratings of American International Group. Its long-term IDR has been downgraded to A from AA-; senior unsecured debt to A from AA-. short-term IDR to F1 from F1+; commercial…
AIG hit by further downgrade
Standard & Poor's has lowered its long-term counterparty rating on American International Group to 'A-' from 'AA-' and its short-term counterparty credit rating to 'A-2' from 'A-1+'.