Standard & Poor’s Ratings Services has indicated that the recent announcement by Germany’s Munich Reinsurance Co. (rated “A+”/Stable) that it is currently undergoing an in-depth reserve review at its U.S.-based operations of American Re-Insurance Co. (rated “a” -/CreditWatch Negative) and …
The Association of British Insurers (ABI) applauded the announcement that the U.K.’s Civil Justice Council has reached an agreement “on the level of success fees in employers’ liability disease claims,” calling it a “pragmatic resolution to the ‘costs war.” The …
Standard & Poor’s Ratings Services announced that it has assigned its “AA” long-term counterparty credit and insurer financial strength ratings to Spain-based Mapfre Empresas, Compañía de Seguros y Reaseguros, S.A. (Mapfre Empresas), a subsidiary of Spanish insurance group Sistema Mapfre …
Standard & Poor’s Ratings Services announced that it has lowered its rating on Cosipa Overseas Ltd.’s $175 million senior floating-rate notes to “BBB-” from “A” and removed it from CreditWatch with negative implications, where it was placed May 9, 2005. …
Workers currently receiving Washington workers’ compensation time-loss or pension benefits will receive a 0.6 percent cost-of-living increase effective immediately. State law requires that maximum time-loss benefits and pensions be recalculated each July 1 to reflect the change in the state’s …
Seven distinguished panelists will discuss the state of the property market in Florida, the difficulties faced by the Department of Financial Services following the 2004 hurricane season, and the importance of depopulation of Citizens Property Insurance Co. to kick off …
Thurston Little, a prominent Mississippi real estate developer already serving time in federal prison in Massachusetts, has been sentenced to three years for his role in money laundering and bank fraud in the Martin Frankel international insurance scam. Last week, …
The Federal Emergency Management Agency has launched a “get tough” policy affecting thousands of Floridians, asking them to repay overpayments they received last year, and to vacate FEMA trailers they moved into after their homes became uninhabitable. FEMA said more …
The Florida Office of Insurance Regulation has denied Cincinnati Insurance Company’s request for a homeowners insurance increase of nearly 40 percent. In a statement issued last Friday, Florida Insurance Commissioner Kevin McCarty said the company failed to justify the increase. …
Six new provisions provided by Senate Bill 1662 go into effect in Florida this week and provide the Office of Insurance Regulation and the Department of Financial services with new powers to crack down on fraudulent insurance operations. Provisions of …