December 30, 2008 |
Insurers' losses from natural disasters rose about 50% in 2008, with Caribbean hurricanes Ike and Gustav powering the increase and climate change increasingly a factor, a leading reinsurer said Monday. Munich Re said in an annual review that insured losses came in at $45 billion this year, up from nearly $30 billion in 2007. It said total economic losses, including losses not covered by insurance, leaped to about $200 billion from last year's $82 billion.
December 18, 2007 |
Insurance brokerage Aon Corp. is selling two underwriting units for $2.75 billion in separate cash deals to focus on more profitable lines of business in the face of falling insurance rates. Aon said it would use the sale proceeds to ramp up its share buyback program. The company said it was selling its Combined Insurance Co. of America to Ace Ltd. for $2.4 billion and its much smaller Sterling Life Insurance Co. to Munich Re for $352 million.
December 3, 2008 |
Viacom Inc.'s Paramount Pictures was sued by a unit of Allianz and three other investors that allege the studio misled them about the risk of buying stakes in film-financing securities. Allianz Risk Transfer, Marathon Structured Finance Fund, Newstar Financial Inc. and Munich Re Capital Markets New York Inc. alleged that they lost a combined $40-million investment. Had Paramount disclosed actual risks, they wouldn't have invested, they said in a complaint filed in federal court in Manhattan.
December 24, 2012 |
Tornadoes and wildfires. Droughts and hurricanes. The United States saw almost every sort of calamity this year as 11 billion-dollar natural disasters struck the country. Superstorm Sandy hit New York, ruined parts of the New Jersey coast and closed the New York Stock Exchange for two straight days -- the first time such a shutdown had happened since 1888. The country suffered its worst drought since the Dust Bowl of the 1930s. With the year coming to a close, 2012 looks like it won't beat last year for the number of separate billion-dollar disasters that traumatized various parts of the country: 2011 saw 14 massive calamities, a record.
September 21, 2001 |
Credit ratings of Lloyd's of London and Zurich Insurance Co. were cut Thursday by Standard & Poor's as losses mount from last week's World Trade Center attack. The credit rating agency also said it may cut the ratings of 15 other insurers because of losses from the attack, which is expected to be the costliest disaster borne by insurers. Insurers are expected to raise their estimates for losses to more than $35 billion, analysts said Thursday.
August 24, 1999
* Raleigh, N.C.-based Carolina Power & Light Co. said it will acquire Florida Progress Corp. for $5.3 billion, creating the nation's ninth-largest electric utility. * Suez Lyonnaise des Eaux, France's second-largest water company, will buy the rest of United Water Resources Inc. for $1 billion in cash plus $800 million in assumed debt, as it tries to match the expansion of bigger rival Vivendi. * * Medical device maker Medtronic Inc. said its first-quarter earnings rose 8.