International Business News - Re http://www.ibtimes.com All articles are copyrighted by IBTimes.com 400 100 http://www.ibtimes.com/ http://www.ibtimes.com/images/top_logo_ibt2_3.gif Odyssey Re Holdings Corp., which underwrites property and other insurance, said Friday it expects an after-tax impact of between $60 million and $90 million in the third quarter due to Hurricanes Gustav and Ike. http://www.ibtimes.com/articles/20081003/odyssey-re-sees-60m-90m-hurricane-impact.htm Fri, 03 Oct 2008 12:09:42 EDT Bermuda-based insurance holding company Everest Re Group Ltd. said Friday that its preliminary loss estimates from Hurricanes Ike and Gustav are between $200 million and $220 million. http://www.ibtimes.com/articles/20081003/everest-re-group-estimates-hurricane-losses.htm Fri, 03 Oct 2008 11:18:34 EDT Bermuda-based insurer and reinsurer Montpelier Re Holdings Ltd. said late Thursday that it estimates a combined net financial impact from hurricanes Gustav and Ike of about $130 million. http://www.ibtimes.com/articles/20081003/montpelier-re-sees-130m-impact-from-hurricanes.htm Fri, 03 Oct 2008 10:14:31 EDT Prosecutors attempted to convince a federal judge Thursday to consider investor losses as great as $1.4 billion when sentencing five insurance executives convicted of a scheme to manipulate the financial statements of American International Group Inc., one of the world's largest insurance companies. http://www.ibtimes.com/articles/20080925/hearing-focuses-on-loss-in-insurance-scheme.htm Thu, 25 Sep 2008 14:54:46 EDT Federal prosecutors in Connecticut said Friday a scheme to manipulate the financial statements of the world's largest insurance company, American International Group Inc., resulted in a loss of more than $1 billion to investors. http://www.ibtimes.com/articles/20080905/prosecutors-loss-from-aig-scheme-over-1-billion.htm Fri, 05 Sep 2008 20:01:48 EDT Odyssey Re Holdings Corp., which underwrites property and other insurance, said Wednesday its board expanded its share repurchase plan by $200 million, raising the total authorization to up to $600 million. http://www.ibtimes.com/articles/20080903/odyssey-re-expands-share-repurchase-plan-by-200m.htm Wed, 03 Sep 2008 15:24:31 EDT The board of Everest Re Group Ltd. declared a quarterly cash dividend of 48 cents per share. The insurance holding company said the dividend is payable Sept. 15 to shareholders of record as of Aug. 25. http://www.ibtimes.com/articles/20080819/everest-re-group-declares-regular-dividend.htm Tue, 19 Aug 2008 10:41:12 EDT Supporters of Colombian President Alvaro Uribe delivered more than 5 million signatures, hauled in three trucks, to election authorities Monday calling for a referendum on whether he should be allowed to run for a third consecutive term. http://www.ibtimes.com/articles/20080811/uribe-backers-submit-re-election-vote-signatures.htm Mon, 11 Aug 2008 19:22:00 EDT Reinsurer Hannover Re AG said Thursday that its second-quarter net profit declined by 40.5 percent as stock market turbulence and the euro's strength against other currencies weighed on its results. http://www.ibtimes.com/articles/20080807/reinsurer-hannover-re-profit-declines.htm Thu, 07 Aug 2008 06:01:25 EDT Reinsurer Hannover Re AG said Thursday its second-quarter net profit declined by 40.5 percent as stock market turbulence and the euro's strength against other currencies weighed on its results. http://www.ibtimes.com/articles/20080807/hannover-re-profit-declines.htm Thu, 07 Aug 2008 13:05:02 EDT Reinsurer Munich Re AG said Wednesday the company's second-quarter net profit fell by 47 percent amid market turmoil and asset write-downs of 889 million euros ($1.38 billion). http://www.ibtimes.com/articles/20080806/munich-re-2q-net-profit-lower.htm Wed, 06 Aug 2008 11:32:02 EDT Reinsurer Munich Re AG said Wednesday that its second quarter net profit fell by nearly half amid market turmoil and asset write-downs. The Munich-based company said earnings in the April-June period fell 47 percent to euro599 million (US$928 million) from euro1.1 billion a year earlier. http://www.ibtimes.com/articles/20080806/munich-re-2q-net-profit-lower.htm Wed, 06 Aug 2008 04:43:49 EDT Swiss Reinsurance Co. reported a 53 percent drop in second-quarter net profit Tuesday, citing ongoing financial turmoil on the world markets. The world's largest reinsurer said its net profit during the three months to June was 564 million Swiss francs ($536 million), or 1.70 francs ($1.61) per share. That compares with 1.19 billion francs, or 3.50 francs per share, in the same period last year. http://www.ibtimes.com/articles/20080805/swiss-re-profit-down-buys-barclays-unit.htm Tue, 05 Aug 2008 13:08:49 EDT Hannover Re AG said Friday that financial market turbulence will hurt its earnings for the year, and that the company would only meet its earnings guidance if the markets steadied. http://www.ibtimes.com/articles/20080725/hannover-re-reduces-earnings-expectations.htm Fri, 25 Jul 2008 09:34:34 EDT Reinsurer Munich Re AG said Friday that it expects its 2008 annual profit to decline because of market turmoil and industry write-downs. Reinsurers sell backup coverage to other insurers, spreading risk so the system can handle large or widespread losses. http://www.ibtimes.com/articles/20080725/munich-re-says-2008-profit-likely-down.htm Fri, 25 Jul 2008 06:52:37 EDT Venezuela's ruling party pledged Thursday to seek to reform the nation's constitution to let President Hugo Chavez seek indefinite re-election. Proposed changes to end the two-term limit for presidents will be presented to Congress or the National Electoral Council and ultimately to voters after state and municipal elections now scheduled for November, said Freddy Bernal, a leader of Chavez's United Socialist Party. http://www.ibtimes.com/articles/20080718/chavez-party-seeks-changes-for-3rd-term.htm Fri, 18 Jul 2008 00:59:49 EDT Reinsurer Munich Re AG said Wednesday that a number of natural disasters this year may lead to some losses in the industry, but that previous years had seen bigger claims. http://www.ibtimes.com/articles/20080709/munich-re-says-insured-losses-run-above-average.htm Wed, 09 Jul 2008 12:05:48 EDT German reinsurer Hannover Re AG said Friday that it will join forces with India's GIC Re in the fast-growing Indian market. Hannover Re and Indian government-owned GIC will cooperate on developing, marketing and underwriting life reinsurance in India, but financial details were not disclosed. http://www.ibtimes.com/articles/20080620/hannover-re-gic-re-in-cooperation-deal.htm Fri, 20 Jun 2008 07:21:01 EDT Montpelier Re Holdings Ltd. said Thursday its board declared a regular quarterly dividend of 7.5 cents. The Bermuda-based insurer and reinsurer said the dividend is payable July 15 to shareholders of record June 30. http://www.ibtimes.com/articles/20080613/montpelier-re-declares-regular-7-5-cent-dividend.htm Fri, 13 Jun 2008 16:27:43 EDT Standard & Poor's Ratings Services cut Scottish Re Group Ltd.'s credit deep into junk, saying a portfolio of bad mortgage investments is making it tough for the insurer to raise cash. http://www.ibtimes.com/articles/20080523/s-p-downgrades-scottish-res-credit-4-notches.htm Fri, 23 May 2008 15:50:48 EDT