North America

AIG taps Treasury for another $2.1bn

Mon, 09 Nov 2009 00:00:00 GMT

American International Group is seeking to access another $2.1bn from the US Treasury Department, Bloomberg reports.

Hurricane Ida threatens GoM oil fields

Mon, 09 Nov 2009 00:00:00 GMT

Hurricane Ida weakened to a category 1 hurricane as it headed towards important oil and gas facilities in the Gulf of Mexico, RMS/Reactions Catastrophe Centre reports.

Insurers get RMBS ratings relief

Mon, 09 Nov 2009 00:00:00 GMT

The National Association of Insurance Commissioners (NAIC) has agreed to ignore agency ratings when evaluating holdings of securities tied to home loans.

MarketScout reveals persistent soft market

Mon, 09 Nov 2009 00:00:00 GMT

MarketScout, an online insurance exchange, reports that average composite US property/casualty (P/C) rates fell by 5%in October. In September 2009, the reduction was 4%, signaling a break in the “moderation trend.”

The threat posed to insurers by Chinese drywalls

Mon, 09 Nov 2009 00:00:00 GMT

Insurers could face a slew of claims related to Chinese drywall emissions, despite a lack of evidence that the emissions are linked to health problems.

AIG’s posts 2nd successive quarterly profit

Fri, 06 Nov 2009 00:00:00 GMT

American International Group said Friday that it was profitable for the second consecutive quarter, as the stabilisation of credit markets helped improve results.

Allstate reduces municipals to $22.1bn

Fri, 06 Nov 2009 00:00:00 GMT

US home and auto insurer Allstate is selling its municipal-bond holdings, Bloomberg reports.

Berkshire’s net income triples in third quarter

Fri, 06 Nov 2009 00:00:00 GMT

Warren Buffett’s Berkshire Hathaway has posted net income attributable to Berkshire Hathaway of $3.24bn for the third quarter, up from $1.06bn in the third quarter of last year.

Citi to sell $100m Primerica shares

Fri, 06 Nov 2009 00:00:00 GMT

Citigroup is planning to raise up to $100m through a share sale of its life insurance unit Primerica, as it seeks to sell its non-banking assets.

Don’t blame state system: NY regulator

Fri, 06 Nov 2009 00:00:00 GMT

In a discussion of federal versus state regulation, Kermitt Brooks, New York State’s deputy superintendent of insurance, has called for partnership not replacement.

New York aims to revive exchange in 2010

Fri, 06 Nov 2009 00:00:00 GMT

State regulators are hoping for a revival of the New York Insurance Exchange according to New York State deputy superintendent of insurance, Kermitt Brooks. It is hoped the exchange will be launched in 2010.

Sun Life posts $131.4m Q3 loss

Fri, 06 Nov 2009 00:00:00 GMT

Sun Life Financial has reported a third quarter loss of $131.4m.The loss on the Toronto life insurer’s investment portfolio is because of the reserve increases.

Update: “Survivor” AIG posts 2nd straight profit

Fri, 06 Nov 2009 00:00:00 GMT

The rehabilitation of AIG, the insurer bailed out by the US government, continued as it posted its second consecutive quarter of profits, helped by the stabilisation of credit markets.

Alleghany posts $50m Q3 profit

Thu, 05 Nov 2009 00:00:00 GMT

US insurer Alleghany has reported net income for the third quarter of $50m, compared with a net loss of $4m in the third quarter of last year.

Allstate posts $221m Q3 profit

Thu, 05 Nov 2009 00:00:00 GMT

US home and auto insurer Allstate has reported a third-quarter profit of $221m, as a result of the reduction in the number of storm claims and better investment results.

Lower bond yields push Manulife to loss

Thu, 05 Nov 2009 00:00:00 GMT

Canadian life insurer Manulife has reported a net loss of C$172m ($162m) for the third quarter, compared with net income of C$510m for the third quarter of 2008.

Ambac posts $2.2bn profit in Q3

Wed, 04 Nov 2009 00:00:00 GMT

Bond insurer Ambac Financial Group has announced a 2009 third quarter net income of $2.19bn compared with third quarter net loss of $2.43m in 2008.

GMAC Financial Services posts $767m loss

Wed, 04 Nov 2009 00:00:00 GMT

GMAC Financial Services has reported a third quarter net loss of $767m in 2009, compared with a net loss of $2.5bn in the third quarter of 2008.

MMC posts Q3 profit on cost cuts

Wed, 04 Nov 2009 00:00:00 GMT

Marsh & McLennan Companies said Wednesday it swung to a better-than-expected third-quarter profit amid expense cuts and margin improvement in its risk and insurance services division.

Phoenix sets up distribution unit

Wed, 04 Nov 2009 00:00:00 GMT

Phoenix Companies has set up a distribution venture, Saybrus Partners, and has signed an agreement with financial services firm Edward Jones to provide life insurance consulting services.

RGA plans $400m debt issue

Wed, 04 Nov 2009 00:00:00 GMT

Reinsurance Group of America (RGA) is planning to offer nearly $400m of senior unsecured notes in an initial public offering.

S&P puts Berkshire's ratings on credit watch

Wed, 04 Nov 2009 00:00:00 GMT

Rating agency Standard & Poor's (S&P) has put the AAA ratings of Warren Buffett's Berkshire Hathaway on credit watch with negative implications, in response to the announcement yesterday that Berkshire is to by Burlington Northern Santa Fe Corporation.

WR Berkley promotes Berkley Jr to COO

Wed, 04 Nov 2009 00:00:00 GMT

The board of WR Berkley Corporation has appointed W Robert Berkley as president and chief operating officer.

Asteroid could cause $1trn damage, says RMS

Tue, 03 Nov 2009 00:00:00 GMT

A comet or asteroid explosion with a magnitude similar to the one experienced over the Tunguska River in central Siberia in 1908 could cause more than $1trn-worth of damage if it were to occur today over a densely populated area such as New York City, RMS reports.

Buffett bets $26bn on Burlington

Tue, 03 Nov 2009 00:00:00 GMT

Berkshire Hathaway has unveiled a $26bn deal to buy out railroad Burlington Northern Santa Fe Corp.

Fitch warns on potential US reserve deficiency

Tue, 03 Nov 2009 00:00:00 GMT

US insurers’ loss reserves were adequate at the end of 2008 but the “potential for the market to shift toward a future reserve deficiency is greater now”, rating agency Fitch has said in a new report.

Hartford posts $220m Q3 loss

Tue, 03 Nov 2009 00:00:00 GMT

US insurer The Hartford has reported a net loss of $220m for the third quarter, compared with a $2.63bn loss in the third quarter of 2008.

HCC reports $94m Q3 profit

Tue, 03 Nov 2009 00:00:00 GMT

US specialty insurer HCC insurance has reported a net income for the third quarter of 2009 of $94m, up from $58m during the third quarter of 2008.

Ontario plans auto insurance reforms

Tue, 03 Nov 2009 00:00:00 GMT

Canadian state Ontario has outlined changes to its auto insurance regulations under new proposals introduced Monday.

Argo swings to $28m third-quarter profit

Mon, 02 Nov 2009 00:00:00 GMT

Bermuda-domiciled specialty insurer and reinsurer Argo group has reported net income of $28m for the third quarter, compared with a $9m loss in the third quarter of last year.