Standard & Poor’s Ratings Services has placed its “BB+” senior secured debt rating on the €110 million ($142 million) variable-rate notes issued by Aiolos Ltd. on CreditWatch with negative implications. S&P explained that Aiolos “is a special-purpose reinsurance company, the …
Based on current estimates, Munich Re expects pretax losses from Windstorm Kyrill to be around €600 million ($775 million). The estimates include claims relating to the Group’s primary insurance subsidiary ERGO. Munich Re’s estimate of overall insured market loss is …
Now that the Florida Legislature has passed a bill that lawmakers say will address the state’s insurance problems, Gov. Charlie Crist and legislative leaders said Thursday their attention will be on pushing for a national catastrophe fund. Crist plans to …
MBIA Corp., a large insurer of municipal bonds, has agreed to pay $75 million to settle an investigation by federal and New York state authorities into its accounting for a 1998 transaction, people familiar with the matter said Friday. The …
Mississippi Insurance Commissioner George Dale held a public hearing on a proposed insurance bill of rights, saying the provisions would help policyholders understand exactly what coverage they have. Dale hopes to have the provisions included in policies by April, though …
Willis Group Holdings, Ltd. named J. Norman Monfort, CIC, as vice president in its LawyerGuard Program to expand the company’s programs for the legal sector. Monfort and the LawyerGuard team are based in Tampa, Fla. Monfort brings to LawyerGuard over …
On average, younger workers have higher incidence rates of workplace injuries and illnesses than older workers while older workers have higher costs per claim, according to the industry’s National Council on Compensation Insurance. Differences in the types of injuries accounted …
The insurance industry and its customers must not let down their guard concerning loss prevention despite a mild hurricane season and a quiet time on the terrorism front in the U.S., advises an expert in risk and insurance. “It’s part …
The federal judge who must sign off on a proposed $50 million class action settlement involving State Farm’s handling of Hurricane Katrina claims has said he needs lots more information before agreeing to the deal affecting as many as 35,000 …
Mississippi Attorney General Jim Hood, fresh from a settlement with State Farm over a class action lawsuit and thousands of other disputed Hurricane Katrina property insurance claims, wants other insurers to follow State Farm’s lead and settle claims out of …