July 24- Insurers are expected to hike war risk premiums for airlines following losses due to global conflicts, including the downing of a Malaysia airplane over Ukraine, insurance rating agency A.M. Best Company said on Wednesday.» Read More
Swiss reinsurer Converium is looking for rival bidders to fend off Scor's hostile takeover attempt but has not yet received any firm offers, the company said on Friday.
Lloyd's of London insurer Beazley Goup made record pretax profit in 2006, helped by low catastrophe claims and good investment returns, it said on Wednesday.
Swiss Re said General Electric would divest its stake worth around 3.5 billion Swiss francs ($2.9 billion), selling half to Swiss Re and placing the other half in the market.
UK life insurer Standard Life said on Thursday that Gerry Grimstone has been appointed as chairman-elect to take over from Brian Stewart.
Swiss reinsurer Converium Holding sought shareholder support Wednesday to fend off a takeover bid by French competitor Scor, promising higher future profits and a share buyback should the company remain independent.
Reinsurer Munich Re on Wednesday said its fourth-quarter profit dropped by 52% because of a dip in its net investment income.
In 2002, the U.S. government enacted the Terrorism Risk Insurance Act, creating a Federal backup for insurers in the wake of the Sept. 11, 2001 attacks. TRIA expires at year's end. "Power Lunch" guests debated whether it's still a valuable instrument -- or has degenerated into "corporate welfare."
Scor, the French reinsurance company, launched a hostile bid for the remaining shares in Converium Monday, Scor’s Zurich-based rival, but investors held out for more than the $2 billion on offer, Reuters reported. The proposed merger would create one of the world's top five reinsurers.
French insurance giant AXA said Thursday that improving sales in its life insurance and asset management businesses helped lift 2006 profit 18%.
Insurer Allianz on Thursday said fourth-quarter profit rose 57% as fewer claims were made.
Swiss reinsurer Converium Holding said Monday it rejected an unsolicited 3.1 billion Swiss franc ($2.5 billion) offer for the business from Scor, France's largest reinsurer.
Much of the nation took a walloping from the weather in the past week. Some businesses did better than others, partly because of long-range forecasting. But even with the latest technology, it’s still a slippery slope.
ING Groep, the Dutch bank and insurance company, posted a 14% rise in profit Thursday, mostly due to strength in its insurance arm and lower tax rates.
Standard Life posted one of the U.K. sector's strongest growth rates for 2006 as new pension rules at home helped lift full-year sales by 47% and the insurer said it expected the momentum to continue into 2007.
Aviva, the world's fifth-largest insurance group based on gross premiums, said Tuesday worldwide sales rose 22 percent in 2006, boosted by the acquisition of AmerUS in the United States.
Both Swiss Re and HSBC are reacting to the current state of the London commercial property market by arranging deals which cash in on their prime real estate.
Europe's largest insurer by gross premiums, Allianz, said Wednesday it expects claims of 350 million euros ($454 million) from the storm that hit Europe earlier this month.
The insurer was expected to post fourth-quarter earnings of $1.84 a share, according to a Thomson Financial consensus estimate, up from $1.49 last year.
Managed care provider WellPoint said on Wednesday profit rose 23%, in line with estimates, on strong enrollment in its national accounts and tighter controls on administrative expenses, although medical cost trends worsened.
German insurer Allianz said Thursday it will buy out the minority shareholders of its French unit as part of a euro10.5 billion ($13.55 billion) plan to take control of all of its units.
Get the best of CNBC in your inbox