Zurich proposes Josef Ackermann for election to the Board of Directors
Zurich Financial Services Ltd (Zurich) announced today that the Board of Directors will propose to the 2010 Annual General Meeting of shareholders on March 30 the election of Josef Ackermann (age 61, Swiss) to the Board of Directors. As already announced at last year’s Annual General Meeting, Philippe Pidoux is retiring from the Board of Directors and will not stand for re-election. Manfred Gentz, Chairman of the Board of Directors of Zurich, said: “My colleagues and I are delighted that Josef Ackermann accepted our nomination. In light of his... Lire la suite
Japan Nonlife insurers Mitsui Sumitomo merger approved by shareholders
Shareholders of Mitsui Sumitomo Insurance Group Holdings Inc, Aioi Insurance Co. and Nissay Dowa General Insurance Co. approved the merger of the trio at their extraordinary shareholders meetings Tuesday. In January, No. 2 nonlife insurer, Mitsui Sumitomo, No. 4 Aioi and sixth-ranked Nissay Dowa General Insurance Co. agreed to merge in April 2010 to form Japan’s largest non-life insurer ahead of the current top Tokio Marine Holdings Inc. Aioi and Nissay will become subsidiaries of Mitsui Sumitomo Insurance through an equity swap on April... Lire la suite
Munich Re intends to resume its suspended share buy-back programme and repurchase shares with a volume of up to €1bn by the 2010 Annual General Meeting. The buy-back is scheduled to start shortly. In the period from 1 October 2009 until the Annual General Meeting on 28 April 2010 at the latest, Munich Reinsurance Company intends to buy back shares for a total purchase price of up to €1bn. On the basis of the current share price, this would amount to around 9.2 million shares or 4.7% of the share capital. The repurchased shares are to be retired. Nikolaus... Lire la suite
Aviva has confirmed that it has completed the reattribution of the inherited estate in its CGNU and CULAC with profits funds. The total value of the inherited estate for the reattribution is £1.25 billion, based on the average calculated estate values at the end of June, July and August 2009**. The completion of the reattribution deal follows the High Court’s approval of the offer in September, and final approval by the Aviva plc and Aviva UK Life boards. Just over 87% of eligible policyholders voted during the election process, with 96% of... Lire la suite
German reinsurance company Munich Re AG expects more moderate growth in the economy “very soon” and may resume its share buyback program if markets keep improving, the chief financial officer said. In an interview at the company’s Munich headquarters, Joerg Schneider said the first half results hadn’t overwhelmed, but that the company was well positioned and had done well considering the economic circumstances. Munich Re is the world’s biggest reinsurance company by gross written premiums. Reinsurers sell backup coverage... Lire la suite
