New York Attorney General Eliot Spitzer hailed a recent decision by a state appellate court upholding his office’s interpretation of key provisions of the State New Car Lemon Law. The Appellate Division, Third Department of State Supreme Court in Albany …
Louisiana Insurance Commissioner Robert Wooley announced that Clarissa A. Preston has been named deputy commissioner of the Louisiana Department of Insurance Office of Property and Casualty, and Scott Kipper is now deputy commissioner of the Office of Health Insurance. Clarissa …
Commonwealth and federal disaster recovery officials announced that public agencies and certain non-profits that need FEMA Public Assistance grants to rebuild infrastructure damaged or destroyed by the storms, flooding and landslides of Oct. 9 through Oct. 15 in Puerto Rico, …
As part of a statewide partnership designed to reduce the leading cause of fatalities among children, Gov. Rod Blagojevich, the Illinois State Police and 21st Century Insurance will bring their consumer safety program promoting compliance with Illinois law for child …
Now Montana and the Cayman Islands have something in common: Liberty Mutual Alternative Markets. Over the summer, Liberty Mutual gained approval to establish Liberty Mutual Management (Cayman) Ltd and authorization to manage captives in Montana. With the establishment of its …
A.M. Best Co. and Standard & Poor’s Ratings Services have reacted more or less positively to XL Capital Ltd.’s capital raising initiative (See previous article). Best has assigned indicative debt ratings of “a-” to the senior unsecured debt, “bbb+” to …
Bermuda’s storm battered XL Capital Ltd. is taking a big step in its efforts to restore its somewhat diminished capitalization. According to A.M. Best, the insurer recorded $1.5 billion loss in the third quarter, and will take another $830 million …
Dutch insurance and financial services giant ING got some welcome news from Mexico, when an Appellate court struck down a local court ruling that the insurer’s Mexican subsidiary ING Comercial América was liable to the local mining company, Group Fertinal, …
A.M. Best Co. announced that it has affirmed the financial strength rating (FSR) of “A++” (Superior) and assigned an issuer credit rating (ICR) of “aa+” to Japan’s Tokio Marine & Nichido Fire Insurance Company, Ltd. (TMNF). Concurrently, Best upgraded the …
A.M. Best Co. announced that it has affirmed the financial strength rating (FSR) of “A-” (Excellent) of Korean Reinsurance Company, and has assigned an issuer credit rating (ICR) of “a-“. The outlook on both ratings is stable. “The ratings reflect …