Insurance Industry
Harrisburg misses deadline for bankruptcy plan
Nov 15, 2011 00:39 EST
HARRISBURG, Pennsylvania (Reuters) - The capital of Pennsylvania will let the state or a federal bankruptcy judge determine how it will get out of $318 million in debt after missing the last deadline on Monday to come up with a solution of its own.
Allianz profits slump in third quarter
Nov 11, 2011 05:42 EST
German insurance giant Allianz said on Friday that earnings plunged in the third quarter, hit by turmoil on financial market, but the group said it stood by its full-year targets.
Prudential sales rise 10% on Asia growth
Nov 08, 2011 12:00 EST
British insurance giant Prudential said Tuesday that sales rose 10 percent in the first nine months of 2011 compared with the same part of last year thanks to strong performances across Asia.
AIG CEO defends company amid huge losses
Nov 04, 2011 13:19 EDT
(Reuters) - AIG <AIG.N> suffered a perfect storm of natural disasters and adverse market conditions in the third quarter, its chief executive officer said on Friday, the day after the company posted a net loss of more than $4 billion.
AIG loses $4 billion on planes, weak markets
Nov 03, 2011 16:53 EDT
(Reuters) - Insurer American International Group lost more than $4 billion in the third quarter, as its aircraft leasing unit took an impairment charge on a portion of its fleet and the fair value of the company's one-third stake in Asian insurer AIA fell.
ING to cut 2,700 jobs, takes Greek bond hit
Nov 03, 2011 09:06 EDT
AMSTERDAM (Reuters) - Dutch financial services group ING is to cut 2,700 jobs, it said on Thursday, slashing the headcount at its Dutch retail banking operations by 10 percent in the face of deteriorating markets.
ING to cut 2,700 jobs, takes Greek hit
Nov 03, 2011 02:40 EDT
AMSTERDAM (Reuters) - Dutch financial services group ING Group <ING.AS> <ING.N> said on Thursday it would cut 2,700 jobs at its Dutch banking operations to cope with a deteriorating market, which led to Greek and other impairments.
AIG makes $972 million TARP repayment to Treasury
Nov 01, 2011 16:18 EDT
WASHINGTON (Reuters) - The Treasury Department received a $972 million repayment from American International Group <AIG.N>, funded by proceeds from the sale of AIG'S American Life Insurance Co. subsidiary last November, Treasury said on Tuesday.
Allstate profit sinks on disaster losses
Oct 31, 2011 16:58 EDT
(Reuters) - Allstate Corp <ALL.N> posted a sharply smaller profit for the third quarter, as the largest publicly traded home and auto insurer in the United States lost more than $1 billion due to natural disasters.
Catastrophe losses weigh on Loews
Oct 31, 2011 08:01 EDT
(Reuters) - Loews Corp <L.N>, run by the billionaire Tisch family, posted quarterly earnings below analysts' estimates for the third time in a row, hurt by a fall in its investment income and higher catastrophe losses at its biggest holding CNA Financial <CNA.N>.
CVC makes 4 billion pound offer for RBS insurance: report
Oct 30, 2011 16:11 EDT
LONDON (Reuters) - Private equity group CVC Capital Partners has made an offer for the insurance arm of Royal Bank of Scotland <RBS.L> for about 4 billion pounds ($6.5 billion), the Mail on Sunday reported.
IIF sees take-up of Greek debt discount above 90 percent
Oct 29, 2011 08:45 EDT
FRANKFURT (Reuters) - At least nine out 10 banks are likely to accept a 50 percent discount on their Greek debt holdings, the managing director of the Institute of International Finance (IIF) was quoted as saying by a German newspaper.
Swiss Re reclaims prized S&P credit rating
Oct 28, 2011 11:20 EDT
ZURICH (Reuters) - Swiss Re <SRENH.VX> has regained a prized credit rating lost during the financial crisis, a key step toward the reinsurer's goal of expanding its business.
Coventry Health full-year outlook lags Street
Oct 28, 2011 08:49 EDT
(Reuters) - Coventry Health Care Inc <CVH.N>, a health insurer, posted a lower quarterly profit that just beat analysts' estimates, but raised its full-year outlook for a third time -- although this is still below market consensus.
Exclusive: Steve Cohen's fund to get into reinsurance business
Oct 27, 2011 14:34 EDT
BOSTON (Reuters) - Steven A. Cohen, who built one of the world's biggest and most successful hedge funds, is branching out and plans to set up his own reinsurance firm, two people familiar with the matter said.
