Author: Farkas Laura

OneBeacon Insurance Group, Ltd. today reported adjusted book value per share of $18.85, an increase of 13.3% through nine months, 4.6% for the third quarter, and 20.4% for the twelve months ended on September 30, 2007, including dividends. “We are very pleased with our strong third-quarter and year-to-date growth in book value,” said OneBeacon CEO… Continue reading OneBeacon Reports 13.3% Growth in Adjusted Book Value Per Share Through Nine Months

Munich Reinsurance Company, the world’s second-biggest reinsurer, announced a 69 percent in third-quarter profit, helped by a tax gain, a relatively mild catastrophe year so far, and gains on investments from equity sales and stable premium volumes. The insurer reported a profit of over €3.3 billion ($4.77 billion) for the first nine months of this… Continue reading Munich Re Reports a 69% Increase in Third-Quarter Profit

Goldman Sachs Group Inc., the world’s largest securities firm by market value, has set up a syndicate to write insurance and reinsurance in the Lloyd’s of London insurance market.     The company, which owns Bermudian reinsurers Arrow Reinsurance Co. Ltd. and Arrow Capital Reinsurance Co. Ltd., is to launch syndicate 1910 to write property… Continue reading Goldman Sachs’ Arrow Syndicate Enters Lloyd’s Insurance Market

Charles Prince resigned on Sunday as chairman and chief executive of Citigroup Inc,and the company named Robert Rubin as his successor and Sir Win Bischoff interim CEO. The Board has designated a special committee consisting of Mr. Rubin, Alain J.P. Belda, Richard D. Parsons, and Franklin A. Thomas to conduct the search for a new… Continue reading Citigroup Names Rubin as Prince’s Successor; May Write Off Up to $11 Billion

In three separate operations on Thursday, the Federal Reserve added a total $41 billion to the U.S. financial system, the largest injection of funds since the liquidity crisis took hold this summer. On the heels of the central bank deliveriing its second consecutive rate cut, the size of the injection may be somewhat of a… Continue reading Fed Reserve Adds $41 Billion to Financial System

According to a recent study by Apartments.com, 58% of respondents indicated that they do not have renters insurance. Conversely, more than seventy percent of respondents without renters insurance believe that carrying this type of protection is an important part of renting that affords them peace of mind. Forty percent of survey respondents state that cost… Continue reading Majority of Renters Don’t Carry Insurance, Survey Says

David A. Sampson, the newly appointed president and CEO of the Property Casualty Insurers Association of America (PCI) outlined his vision for the association at the organization’s Annual Meeting. More than 1,600 CEOs and senior executives from PCI member companies and global reinsurers participated in the 2007 meeting, setting records for attendance at the event.… Continue reading PCI’s New President Outlines His Vision at Association’s Annual Meeting

In the face of a veto threat and continued opposition from some Republicans, the Senate passed a new bill Thursday evening to expand the State Children’s Health Insurance Program.     Senators voted 64-to-30 in favor of expanding SCHIP by $35 billion over five years, up from its current baseline funding of $25 billion. The… Continue reading Senate Passes New SCHIP Bill

For the three months ending September 30, 2007, Liberty Mutual Group (“LMG”) reported net operating income of $390 million, an increase of $3 million over the same period in 2006. Results in the quarter include a 9.6% increase in revenues and a $67 million after-tax ($95 million pre-tax) increase in asbestos reserves related to the… Continue reading Liberty Mutual Reports Third-Quarter Gains

According to the Congressional Budget Office (CB0), a Senate bill extending TRIA, the federal terrorism insurance backstop, by seven years would increase the federal deficit by $5.1 billion over the next decade.    The budget score could cause headaches for proponents of extending the terrorism-risk insurance program, which obligates the federal government to pay a… Continue reading Senate Bill to Extend TRIA Could Increase Deficity by $5.1 Billion Over 10 Years