Category: Show on Homepage

Wu Dingfu, chairman of the China Insurance Regulatory Commission, at an annual conference on Friday stated that higher interest rates, a rising yuan and stock market volatility pose stiff challenges for Chinese insurance companies. Chinese insurers enjoyed investment returns last year totalling 279.2 billion yuan ($38.67 billion) — more than in the previous five years… Continue reading Chinese Insurers Face a Tougher 08 According to Regulator

Europe’s largest primary insurer by gross premiums, German-based Allianz SE, dispelled investor worries of big sub-prime write-downs by reporting that its net-profit goal for 2007 was obtained despite credit turmoil in the fourth quarter. The comapny reached its full-year net-profit goal of €8 billion ($11.7 billion), up 14% from €7.02 billion the previous year. The… Continue reading Allianz Reaches 2007 Net Profit Target

On Thursday Standard & Poor’s (S&P) stated that it is considering downgrading its ratings on MGIC Investment Corp and its mortgage insurance arm, after the company warned it could pay up to $2 billion in insurance losses in 2008. “The firm’s projections for incurred losses in the fourth quarter of 2007 and paid losses in… Continue reading S&P May Downgrade MGIC Rating Based on Projected Insurance Losses

American International Group Inc. (AIG) announced today that it’s bailing out a $2.5 billion structured investment vehicle, or SIV, managed by its derivatives arm. Under the rescue plan, the AIG arm will repay the senior debt of the SIV, Nightingale, as it matures and keep financing its portfolio of bank debt and asset-backed securities with… Continue reading AIG Bails Out Nightingale SIV

French bank Societe Generale says it has uncovered “massive” fraud by a Paris-based trader which resulted in a loss of 4.9bn euros ($7.1bn; £3.7bn).The bank said the fraud was based on simple transactions, but concealed by “sophisticated and varied techniques”.    Societe Generale also announced new write-downs of 2.05bn euros related to the subprime mortgage… Continue reading Massive Fraud at Societe Generale by Rogue Paris Trader, Also Announces Losses Related to US Subprime

In a press conference on Wednesday, U.S. Sen. Christopher Dodd stated that je is determined to move federal flood insurance legislation through the Senate promptly, despite resistance from Louisiana lawmakers.     “I intend to do all I can to move this legislation to the president’s desk as soon as possible,” said former US Presidential… Continue reading Senator Dodd to Push Flood Insurance Reform Legislation

John Houldsworth, the former chief executive officer of Cologne Re Dublin, in his testimony to a federal jury on Wednesday stated that understood from his first conversations with General Re Corp. officials about a proposed reinsurance deal with American International Group Inc. that the deal would include no risk transfer.    Mr. Houldsworth conveyed that,… Continue reading Former Cologne Re Exec Testifies in Gen Re Trial, Understood No Risk Involved

On Wednesday Massachusetts’ top securities regulator stated that he requested information from bond insurers MBIA Inc and Ambac Financial Group last week in a probe about their exposure to high risk securities.    State’s Secretary William Galvin reported that he is trying to determine if the insurers informed Massachusetts communities that were trying to raise… Continue reading MA Securities Regulator Subpoenaed MBIA and Ambac to Assess Risk in Securities

Hoping a rescue plan for ailing bond issuers would stop a new round of credit losses, investors in the global market poured back into equities on Thursday.     Wall Street looked set to open higher and demand for bonds fell sharply as equities rebounded. The dollar weakened.    European and Asian stocks markets took… Continue reading Request for Bond Insurance Financial Support Helps Equity Rebound

According to Insurance Superintendent Eric Dinallo, New York’s Department of Insurance, the primary domestic regulator for each of the top five U.S. bond insurers, will step up oversight of the troubled financial guaranty insurance sector with an eye toward attracting capital and ensuring the continued availability of coverage.       Several weeks after confirming he… Continue reading NY Insurance Dept to Step Up Oversight of Bond Insurance