Standard & Poor’s Ratings Services said it has lowered its counterparty credit and financial strength ratings on Tower Insurance Co. of New York (“Tower”) to ‘BB+’ from ‘BBB-‘. At the same time, Tower Group, Inc. (NASDAQ: TWGP) announced that it …
Insured losses from the storm that spawned tornadoes and large hail over portions of the Dallas Fort Worth area on April 13, have been set at approximately $100 million, the Insurance Council of Texas reported. Twenty thousand homes and nearly …
A judge has approved Entergy New Orleans’ acceptance of up to $200 million in federal storm recovery funds and at least $50 million in insurance payments for Hurricane Katrina damage, a key step in the city’s electricity and natural gas …
Farmington, Conn.-based Darwin Professional Underwriters, Inc. reported that net income increased 87 percent to $5.2 million for the first quarter of 2007, while gross premiums rose 24 percent to $74 million during the same period. Highlights for the quarter ending …
A lawmaker from Acadiana has asked Louisiana’s attorney general to determine the constitutionality of Gov. Kathleen Blanco’s plan to grant up to $100 million in state money to private insurance companies. It’s a last-minute request from Rep. Troy Hebert, D-Jeanerette, …
In his opening statement as chair of a U.S. House of Representatives subcommittee considering extension of the Terrorism Risk Insurance Act (TRIA), Rep. Paul E. Kanjorski of Pennsylvania said he believes the act should be extended for a period of …
Ohio’s new law restricting young drivers is saving some people money on car insurance bills because the companies believe the regulations will lower accident rates. Some insurance companies lowered teen driver rates after the law that restricts the hours teens …
School bus drivers from across Indiana will compete Saturday, April 28th for top safety honors in the 2007 Indiana School Bus Safety Rodeo. The Rodeo is sponsored for the 13th year by Indiana Insurance, a property/casualty insurer headquartered in Loveland, …
A.M. Best Co. has affirmed the financial strength rating of “A++” (Superior) and the issuer credit rating of “aa+” of Japan’s Tokio Marine & Nichido Fire Insurance Company Limited (TMNF), with a stable outlook. The ratings reflect TMNF’s strong risk-adjusted …
A.M. Best Co. has affirmed the financial strength rating of “A+” (Superior) and the issuer credit rating of “aa-” for Bermuda-based Tokio Millennium Re Limited (TMR), a subsidiary of Tokio Marine and Nichido Fire Insurance Company (TMNF) (See related article). …