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.
CALIFORNIA | LOCAL
February 24, 2012 |
Survivors of Armenian genocide victims can't sue German insurance companies for failing to pay claims because only the federal government can bring foreign entities to court, the U.S. 9th Circuit Court of Appeals ruled Thursday. The 11-judge panel dismissed the case brought nearly a decade ago by Southern California Armenians, probably putting an end to their efforts to compel the German companies to pay survivors' benefits on policies sold to victims between 1875 and 1923. A 2000 revision to California's Civil Code allowed California courts to consider the Armenians' insurance claims beyond the deadline for petitioning for payouts by subsidiaries of the German insurance company now known as Munich Re. "The Constitution gives the federal government the exclusive authority to administer foreign affairs," the appeals court said in a unanimous ruling.
December 24, 1999 |
German stocks surged Thursday as the government said it plans to drop a tax on asset sales by companies, paving the way for major companies to sell stakes in industries worth about $100 billion and change the corporate landscape in Europe's biggest economy. Allianz and other major stocks soared and the DAX index posted its biggest gain since March 12--when Oskar Lafontaine quit as finance minister--on optimism that companies will make better use of cash tied up in long-term holdings.