Severe monsoon rains in China have caused widespread destruction and significant economic losses, but are expected to have little impact on the insurance industry.

A.M. Best Co. has affirmed the financial strength rating of A- (Excellent) and the issuer credit rating of “a-” of African Reinsurance Corporation (Africa Re) (Nigeria). The outlook for both ratings remains stable.

Kenya provides evidence that the insurance industry can thrive in Sub-Saharan Africa in face of highly challenging economic and – especially – political problems. As of the end of 2008 the combined assets of Kenya’s 42 insurers amounted to KES146.12bn – or nearly US$2bn.

British bank HSBC Holdings PLC said last week it is in talks with financial group Old Mutual PLC to buy a controlling stake in Nedbank Group Ltd. of South Africa in a deal worth as much as $6.8 billion.

Oriental Energy Resources and its partner Afren Plc Plc has announced the launch of a Floating Storage Offloading vessel (FSO) — a crude oil storage and export facility for the Ebok field development located offshore South East Nigeria.

Afribank Nigeria Plc last weekend opened a Model Branch in Gusau, Zamfara State, as part of its overall business strategy to provide excellent banking services, get closer to customers and expand its business outreach.

Abbey Building Society Plc has recorded a significant drop in its bottom line in its third-quarter financial performance, with a 20.82 per cent drop in its profit after tax.

Shareholders of Partnership Investment Co. Plc have endorsed the proposed plan by its Board of Directors to lists the company’s shares on the floor of the Nigerian Stock Exchange (NSE).

Three thousand two hundred and three oil spills were recorded in the country between 2006 and 2010, the Minister of Environment, Mr John Odey, disclosed on Monday.

In view of the incessant cases of building collapse in the country, the Minister of Lands, Housing and Urban Development, Mr. Nduese Essien, has charged professionals in the built sector to embark on self-regulation by reprimanding their erring members

THE Ogun State House of Assembly has alleged attempts by the Executive to bribe it with N 1 Billion to facilitate the passage of its request for approval of a N100 billion Bond.

First Republic Minister and Ijaw leader, Chief Edwin Clark, has denied media reports that he hosted prominent lgbo leaders among whom were Senator Ken Nnamani, Chief Jim Nwobodo, Chief Okeke, Senator Anyim Pius Anyim, and former Governor Sam Egwu to a meeting of the South South and South East leaders in his Abuja residence.

AN artisan resident in Aladja community, Delta State, Matthew Boyi, has been lynched by a group of youths in the area over an alleged criminal offence that was not reported to the Police.

Vice Chancellor of Federal University of Technology, FUTO, Owerri, Professor Celestine Onwuliri, has expressed concern over low preference of students for agriculture.

A DELTA State University don, Dr Jackson Ireyefoju, has declared that all academic appointments in tertiary institutions must be based on merit and credibility and not on tribal sentiments, even as he tasked the five ethnic groups in the Institution to remain united.