Insurance Berg » Insurance Companies

Nippon Life Insurance Company Buys AIG Building

admin — Thu, 14 May 2009 10:32:10 +0000

American International Group (AIG) has made a contract to trade its prime real estate property in Tokyo for about Yen115.5 billion ($1.2 billion) to Nippon Life Insurance Company. It was the Japanese headquarters of AIG Inc., which is located in Chiyoda Ward and in front of the Imperial Palace.

The 15 storied building stays in Tokyo from 35 years which consists of about one acre of land. AIG has existed in Japan since1946. But in 2009 first quarter, AIG lost US$4.35 billion. U.S. government gave $85 billion loan to AIG in September. As market environment get worse and losses piled up at the insurer, U.S. administration extended its credit package quite a few times. Now the total loan is almost $180 billion after being extended in March when it reported $61.7 billion loss in fourth-quarter of the year which is the highest ever quarterly loss in U.S. history. So, economically distressed of U.S. insurance company has been negotiating the retailing of the building with Japanese monetary services organizations and real estate firms since this February. AIG is selling its property as part of its rehabilitation plan which is managed by the U.S. government. About the trade, AIG’s chief executive and chairman, Edward Liddy said,

This is a significant transaction because of the prominence and unique nature of the property and the highly attractive value that both AIG and Nippon Life Insurance Company are realizing through the transaction. This transaction has been successfully negotiated by AIG despite the difficult real estate market environment in Japan and globally.

Ping’s Profit Drop

admin — Tue, 28 Apr 2009 10:04:37 +0000

Chinese insurer Ping An Insurance said its net earnings of the first quarter on 27 April. Its profit went down 71.3% year on year to 303.5 million U.S. dollars (2.072 billion yuan). The company’s premium income was boost up 42.2% year on year in the initial three months to 40.14 billion yuan.

However, Authority did not detail what the reasons behind drop the net profit for the first quarter. In a statement, it said company’s net profit in last year declined 94.4% from one year ago to 873 million yuan as a result of rising insurance claims. Most of claims were caused by several severe natural disasters alongside stock market fluctuation. It is the second largest insurance company in China by market value.

Related tags

,ping profits ,2340 ,ping profits 2009 ,reasons of companys profit drop

Nippon Life Insurance Company Buys AIG Building

GAI Introduced EMS

admin — Tue, 21 Apr 2009 10:40:57 +0000

Great American Insurance (GAI) Group introduced Equipment Management Solutions (EMS). It is a latest business service technology specializing in EMMS. EMMS stand for Equipment Maintenance Management Services.

To say about the service in a statement, the company said EMS

Offers new means of businesses
Consolidate numerous equipment maintenance contracts
Extended warranties into 1 inclusive multi-vendor service contract

EMS focuses on organizations and businesses with significant

Medical Service
Monetary
Communication Facility
Latest Information Technology
Office Equipment Inventories

EMS targeted markets include

Hospitals & Clinics
Banks & Credit Unions
Media & Broadcasting Companies
Colleges & Universities
State & Municipal Government Agencies
Some Other Businesses & Institutions

EMS is branch of Ohio-based Great American’s Premier Lease & Loan Services Division. It is run by industry veteran Michael St. Hilaire. In the past St. Hilaire handled the equipment maintenance program (EPM) that was presented by Executive Risk. At present, it is component of Chubb. However, St. Hilaire manufactured separately and run EPM as well for some years.

Related tags

,gai-ems ,great american ems ,great american ems division

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