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Unions that oppose changes to the law on pension and disability insurance plan to launch a petition on 2 November to have the government ousted. The main reason for a set of actions to be launched on that day and continue until the bill is forwarded to the assembly, is dissatisfaction with the way the [...]
Insurance Firm Sues CPA for $5.7 Million
An insurance company claims that relying on false financial statements has cost it $5.7 million. Travelers Casualty & Surety Co. of America has filed a federal lawsuit against the CPA, H. Neal Privitt of Little Rock, who provided the financial statements in an attempt to recover the money. Travelers was the surety bonding company for [...]
ASIAN-BASED IGATE’S Q3 NET INCOME UP 60% AT US$14.3 MLN
US-based, Indian-focused IT outsourcing firm iGATE on Wednesday said its net income jumped by 60.67 per cent to US$14.3 million in the quarter ended September 30, 2010. The company, which earns 80 per cent of its revenue from North American markets, had registered a net income of $8.9 million in the third quarter last year. [...]
AUST’S SUNCORP TO MOVE TO NON-OPERATING HOLDING CO. STRUCTURE
October 28th, 2010 
gary Australia’s Suncorp-Metway Ltd (ASX:SUN) is to go ahead with a move to a non-operating holding company (NOHC) structure. Midway through a turnaround program, Suncorp said on Thursday a change in structure would further simplify the company. It will seek to create a new listed parent non-operating holding company, to be called Suncorp Group Ltd, overseeing [...]
China Insurers in Need of More Capital in 2010
October 28th, 2010 gary This year, many Chinese insurance institutions have either issued the subordinated bonds or increased their capital bases, with the combined amount of CNY 23 billion. They include Taikang life insurance Co., China Taiping life insurance Co., Ping An Property and casualty insurance Co., Ltd. (Ping An P&C) and so forth. This July, the southern boomtown [...]
CHINA’S PING AN INSURANCE Q1-Q3 NET PROFITS UP 8.4% Y-O-Y
October 28th, 2010 gary Ping An Insurance (Group) Company of China (Ping An, SSE:601318, SEHK:02318) reported 13.197 billion yuan (US$1.9 billion) of net profits attributable to shareholders in the first three quarters of this year, up 8.4 per cent year on year, said its report released on Wednesday. According to the report, Ping An’s earnings per share reached 1.71 [...]
AIG President-CEO Reveals He Has Cancer but Will Remain at Helm
October 27th, 2010 gary When Robert Benmosche disclosed to his colleagues at American International Group this past Monday that he was battling cancer, he was just finishing his 14th month as the insurance giant’s president and chief executive. But, in a letter to AIG employees that day, Benmosche tried to dispel any worries that his chemotherapy would keep him [...]
A.M. BEST POSTS VIDEO OF WEBINAR ON INSURANCE DEV’TS IN CHINA
October 27th, 2010 gary (Full text of a statement. Contact details below.) ( BW)(A.M.-BEST) A.M. Best Posts Video of Webinar on Insurance Developments in China Insurance Writers HONG KONG–(BUSINESS WIRE) – Oct. 26, 2010– Video playback of a special webinar on insurance developments in China is now available, the A.M. Best Co. announced. In the 19 October online event, [...]
Rising to serve: Arshad Khan sets example
October 27th, 2010 gary UFONE fame Arshad Khan was in media as M.D of Pakistans public sector television network, PTV. He also served as Chief Executive of Pakistan Post. All his tenures were marked by marvellous success stories as well as sense of service and deep commitment to the country. By education and training, electronic engineer, specializing in Management [...]
INSURANCE AUST GROUP REAFFIRMS FY GUIDANCE, AFTER SOLID 1ST QTR
October 27th, 2010 gary Insurance Australia Group Ltd (ASX:IAG) says it’s had a “solid” first quarter of 2010/11, as it reaffirmed guidance for the full year. IAG said on Wednesday it was on track to meet its full year guidance of an insurance margin of 10.5 – 12.5 per cent, and underlying gross written premium (GWP) growth of 3-5 [...]
