A reputed mob money adviser who was vice president of the restaurant company that runs the Rainbow Room in New York City has been sentenced to prison for cheating Social Security and three insurance companies out of more than $1 …
Regulators in New York approved a 14 percent increase in medical malpractice insurance rates on Monday and Gov. Eliot Spitzer formed a task force to find ways to rein in the high cost of the coverage. The state insurance department …
The Commerce Department ordered an unscheduled review of the National Hurricane Center, whose director has publicly complained about insufficient funding but said he and his staff are well prepared to forecast storms. Director Bill Proenza’s superiors have chastised him for …
A.M. Best Co. has downgraded the financial strength rating (FSR) to “A-” (Excellent) from “A” (Excellent) and the issuer credit rating (ICR) to “a-” from “a” of French reinsurer AXA RE, and revised its outlook for the ratings to negative …
A.M. Best Co. will host a comprehensive one-day conference in Toronto to explore the issues facing the Canadian insurance industry. The 2007 “Review & Preview Conference–Canadian Update” will be held on September 21, from 8:30 a.m. to 3:00 p.m. at …
A preliminary loss estimate report from Risk Management Solutions indicates that the recent earthquake that struck the Chinese province of Yunnan will cost some 1.91RMB ($250 million) in economic losses. “The magnitude 6.3 earthquake near the borders of Myanmar, Laos, …
The Hong Kong office of Standard & Poor’s Ratings Services has issued a report affirming the stable outlook on most of the insurance markets in the Asia-Pacific region. “They reflect strengthening balance sheets and strong growth prospects for most markets, …
Standard & Poor’s Ratings Services has raised its long-term counterparty credit and insurer financial strength ratings on Italian composite insurance group Fondiaria-SAI SpA and its core subsidiary, Milano Assicurazioni SpA, to “BBB+” from “BBB.” The outlook on the two companies …
Standard & Poor’s Ratings Services has lowered its long-term counterparty credit rating on Spain’s insurance holding company Mapfre S.A. to “A+” from “AA-.” S&P also lowered its long-term rating on the €275 million ($374.7 million) 10-year senior unsecured debt issued …
“The outlook on rated Korean non-life insurers remains stable,” says a report from Standard & Poor’s Rating Services, “reflecting the expectation that underwriting performance may gradually improve despite intensifying competition.” The overall Korean P/C sector should benefit over the next …