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22 Feb 2005 06:21 PM
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Insurer’s asbestos plan draws heat:
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Four big competitors dispute the sale of ACE Ltd obligations.
The companies are asking Pennsylvanian and British regulators to prevent the property-casualty insurer from any transactions leading to discharge of some of its asbestos obligations.
It is a
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18 Feb 2005 07:52 PM
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More plead guilty in Marsh case:
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Three more insurance-industry employees pleaded guilty to criminal in Marsh & McLennan Cos.case. They include a former Marsh executive who told the court there was "a protocol designed to deceive" Marsh’s clients about
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17 Feb 2005 06:46 PM
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Executive Life Pact reached in California:
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A tentative $600 million settlement is said to have been reached between France and the French bank Credit Lyonnais SA and the California Department of Insurance.
After much foot-dragging, France, Crédit Lyonnais and Mr. Pinault settled a related criminal case with the U.S. Justice Department for a record $760 million last year. But, until a few days ago, all three were continuing to fight the civil lawsuit brought by the California insurance-industry regulator. The suit alleges that Crédit Lyonnais
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16 Feb 2005 06:45 PM
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Guilty pleas from Marsh and AIG now total 9:
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Three more March & McLennan Companies Inc. and American International Group Inc. executives have pleaded guilty in a trial on charges on bid-rigging and price-fixing in the largest scandal in the insurance industry triggered by New York Attorney General Eliot Spitzer’s probe. So far the list of those who pleaded guilty in the trial
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14 Feb 2005 05:43 PM
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Spitzer sends subpoenas to insurance giant:
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On Monday, the world top insurer American International Group, said it has received subpoenas from the Securities and Exchange Commission and the New York Attorney General Alan Spitzer.
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01 Feb 2005 03:23 PM
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Citigroup leaves insurance market:
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Citigroup Inc. Chief Executive Officer Charles Prince agreed yesterday to sell Citigroup’s Travelers Life & Annuity to the US’s leading insurance company MetLife for $11.5 billion. The company will pay between $1bn and $3bn in Metlife shares. The rest will be made up of cash. Citigroup has also sold most of its international
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31 Jan 2005 12:23 PM
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Marsh & McLennan settles probe for $850 million in restitution:
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Marsh & McLennan Companies Inc., the US top insurance broker, will pay $850 million in restitution over four years to policyholders to settle the probe into its practices by New York Attorney General Eliot Spitzer. The investigation started in October 2004 focused on allegedly bid-rigging practices in the insurance industry, based
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27 Jan 2005 04:36 PM
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Sun Life 4Q income rose to C$438 million:
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Sun Life Financial said on Thursday its fourth-quarter results. Net income rose to C$438 million, or 74 Canadian cents per share, from C$417 million, or 34 Canadian cents per share, last year. Revenue fell to C$5.27 billion, from C$5.44 billion last year.
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26 Jan 2005 06:45 PM
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Allianz sells exchangeable bonds worth 4 billion euros:
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Allianz AG plan to sell a 4 billion euros’ worth of exchangeable and subordinated bonds, including 1.6 billion euros of bonds convertible into Allianz shares and 1.2 billion euros of notes exchangeable into shares of Munich Re, Bayerische Motoren Werke AG or Siemens AG.
Allianz
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03 Jan 2005 05:34 PM
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AIG sells stake in brokerage venture with Nasdaq to avoid conflict of interest:
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AIG will divest of its stake in the brokerage concern it formed with the National Association of Security Dealers in 2000. The sale comes in the wake of the scandalous suits initiated by New York Attorney General Eliot Spitzer, causing a massive overhaul of the insurance industry, as AIG management has decided that the venture formed to sell policies to Nasdaq-listed companies may suffer from potential conflicts of interest.
Reports
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29 Dec 2004 06:03 AM
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Munich Re expects costs from the Asian tsunamis will be less than 100 million euros:
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Munich Re expects costs from the Asian tsunamis will be less than 100 million euros
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21 Dec 2004 01:28 PM
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Insurers against full disclosure of their fees:
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Officials at the Property Casualty Insurers Association of America are opposing fee disclosure requirements likely to be accepted by the National Association of Insurance Commissioners. State insurance commissioners are trying to tighten standards following New York Attorney General Eliot Spitzer’s probe into contingent commissions rewarding insurance brokers for the amount of volume they steer to a particular insurer
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21 Dec 2004 03:02 AM
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Munich Re will cut its stakes in leading German banks:
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According to CBSMarketWatch, Munich Re will cut its stakes in leading German banks Dresdner Bank and HVB Group.
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15 Dec 2004 04:34 AM
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UBS downgraded dutch insurer Aegon to "neutral":
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UBS downgraded dutch insurer Aegon to "neutral" from "buy".
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09 Dec 2004 05:02 AM
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Swiss Life has agreed to sell its U.K. life insurance business :
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Swiss Life Group said today it has agreed to sell its U.K. life insurance business to Resolution Life Group for 205 million pounds ($395 million).
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