Standard & Poor’s has lowered its long-term counterparty credit and insurer financial strength ratings on Swiss Re Australia Ltd. to ‘AA’ from ‘AA+’, following similar ratings action on Zurich-based global reinsurer Swiss Reinsurance Co. and related core subsidiaries of the …
Montpelier Re Holdings Ltd announced that its subsidiary, Montpelier Reinsurance Ltd., has received an ‘A-‘ (Strong) Financial Strength Rating from Standard & Poor’s Ratings Services. According to S&P, “Montpelier’s rating reflects its market position and scale within the Bermuda reinsurance …
Multi-line insurer Cincinnati Financial Corp. reported second-quarter net income of $84 million, or 52 cents per diluted share, compared with $35 million, or 21 cents per share, in the second quarter of 2002. These figures were a second-quarter record for …
A new report from the General Accounting Office (GAO) concluding that medical liability losses are the primary drivers of insurance rates reportedly corroborates data provided to the GAO last December by the National Association of Independent Insurers (NAII). “The GAO …
Undervaluation statistics for U.S. homeowners business have improved dramatically, according to Robert Crine, president of Marshall & Swift / Boeckh (MS/B). Crine announced the news to senior executives from the P/C industry at MS/B’s annual Client Conference in Atlantic City, …
Pennsylvania Insurance Commissioner M. Diane Koken on Tuesday announced that Commonwealth Court has granted final Orders of Liquidation for the Legion and Villanova Insurance Companies. The liquidation orders became effective July 28, 2003, at 12:01 a.m. These companies are now …
Kingsway Financial Services Inc. has commenced an action against PricewaterhouseCoopers LLP, Miller, Herbers, Lehman & Associates, Inc. and the former Directors of American Country Holdings, Inc. (“American Country”) relating to the reported understatement of the reserves of American Country’s insurance …
Georgia Insurance and Safety Fire Commissioner John Oxendine, the Federal Alliance for Safe Home-Flash Inc., and the Home Depot are partnering with local and state agencies and businesses to sponsor the annual Hurricane Preparedness Expo on Saturday, Aug. 9, 9 …
The Alliance of American Insurers and several other insurance trade associations have reportedly filed a letter brief asking the California Court of Appeal to take up a corporate governance case that could have wide-ranging implications for mutual insurers in terms …
A reward of up to $2,500 is being offered for information leading to the arrest of the individuals responsible for a fire at the Sea Spray Condominiums in Cape Coral, Fla. Arson investigators with the State Fire Marshal’s Office reportedly …