United States of America (USA)
AIG unit unwinds CDS positions
AIG has unwound its remaining CDS swaps with Goldman Sachs according to newswire Reuters.
US seek exit from AIG stake within a year: WSJ
The government's bailout of the financial system is expected to cost $89bn, much lower than earlier projections, the Wall Street Journal reported on Sunday, citing Treasury Department officials.
Aon Benfield warns of 20-30% reduction in profit for crop insurers
Aon Benfield report reveals that proposed changes to the Standard Reinsurance Agreement by the USDA could induce challenging market conditions for US crop reinsurers participating in the Federal insurance program.
Ambac increase in income but may file for bankruptcy
US credit insurer's results aided by $443.9m tax refund allowing the credit insurer to carry back 2008 and 2009 operating losses as far back as 2003
CRM in quota share deal with Amtrust
Bermuda workers’ compensation (re)insurer CRM Holdings has entered into a quota share agreement with US specialty property casualty insurer AmTrust Financial Services
Reinsurers face tough times in soft market – AM Best
AM Best’s global financial review of reinsurance notes US taxation and underwriting discipline amongst the major challenges to be faced by reinsurers
Former Hartford CEO gets $39.9m payout despite bailout
Ramani Ayer, whose stock and bond bets pushed the Hartford Financial Services Group into a US government bailout, will receive a pension payment of $39.9m in May.
Berkshire Hathaway to be sued after fraud accusations
Ex-manager of Warren Buffett’s RV business claims firing violated ethics
Hannover Life Re expands mortality team
The life and health reinsurance arm of European giant Hannover Re, has added three new hires to its US mortality solutions team.
RMS appoints ex-Aon Benfield exec as VP of client development
Modeling firm RMS has appointed Aon Benfield executive director Christer Pehrson as vice president of client development
US mine owners had no BI cover
Massey-Energy, the company in charge of a West Virginia mine where 25 people were killed after an explosion earlier this week is understood to not have had business interruption insurance.
US facing active hurricane season
This year's US hurricane season will be above-average, forecasters at Colorado State University have said. According to the forecasts, there will be 11-16 named storms, 6-8 hurricanes and 3-5 major hurricanes with sustained winds of 111 mph or greater.
Interview - John Hennessy: Opportunity knocks
CNA Europe CEO John Hennessy may have only been to London once before taking up his new role, but he tells Jonathan Swift why he already feels at home in the local market.
Ace boosts trade credit team
Specialty insurer Ace Global Markets has made five appointments to its trade credit teams in London and New York.
State of emergency declared in Mexicali
Initial damage reports from the 4 April earthquake suggest that the majority of the damage is focused around the city of Mexicali which was the closest city to the epicenter with a population of around 1.2 million.
Munich Reinsurance drops America
Munich Reinsurance America has changed its brand name to Munich Re and adopted the Munich Re logo for all marketing materials, the company declared today.
US Treasury adds two execs to AIG board
The US Treasury has appointed two senior executives to serve on AIG’s board of directors, the company said today.
US mine explosion claims 25 lives
An explosion in a mine in West Virginia has killed at least 25 people, various news agencies have reported.
US property and casualty coverages dip
The composite rate for property and casualty coverages in the US was down 4% for March this year according to MarketScout. It said the composite rates for February 2009 and 2010 were down 8% and 5% respectively.
Southern California impacted by quake
The strong earthquake which hit the Baja California in Mexico on Easter Sunday also shook parts of Southern California, US modelling agency RMS has reported.
AIG adds two to board
US Treasury Department to name Donald H. Layton and Ronald A. Rittenmeyer to AIG’s board
Hartford repurchases $3.4bn of shares from US government
Hartford Financial Services repurchases preferred shares from the US government ending a taxpayer-funded bailout after reporting Q4 profit.
Ace promotes Kenneth Riegler
Mr Riegler to lead multinational client group in North America and Ace USA's foreign casualty division
Reinsurance rates continue to decline: Guy Carpenter
Reinsurance rates across most lines of property catastrophe business around the world continued the decline experienced at January renewals, according to Guy Carpenter in its report the April 1 renewals period.