Fitch Ratings has placed the following ratings of Ambac Financial Group, Inc. and Ambac Assurance Corp. (Ambac) on Rating Watch Negative: Ambac Financial Group, Inc.- Long-term rating ‘AA’; – $400 million 5.95 percent senior unsecured notes due Dec. 5, 2035 …
A top official charged with recruiting insurance companies to Louisiana and helping turn around the troubled state insurer of last resort is leaving his post with the Insurance Department. Bill Newton, a retired insurance executive, became the chief deputy insurance …
Nearly 270 former University of Idaho employees filed a claim against the school, saying unilateral changes in their insurance benefits violate early retirement agreements they signed in 1999 and 2002. “It was a deal,” Alan Place, a retired mechanical engineering …
Standard & Poor’s Ratings Services has assigned its ‘BB+’ debt ratings to the €200 million ($292 million) Class A Series 1 Principal At-Risk variable-rate notes due Jan. 10, 2011 issued by Green Valley Ltd. The transaction closed on Dec. 27, …
With only five days left before the Terrorism Risk Insurance Act was set to expire on Dec. 31, 2007, President George Bush signed into law legislation that reauthorizes the federal backstop for seven years. Some key provisions of HR 2761 …
Gov. Matt Blunt is seeking a federal disaster declaration for public aid to 42 counties as a result of winter storms that hit Missouri this month. Blunt said that preliminary inspections found more than $28 million in damage to public …
An Oklahoma jury awarded country music star Toby Keith, his mother and his siblings $2.8 million in damages from the 2001 collision that killed Keith’s father. A jury returned the verdict against Elias Rodriguez and Pedro Rodriguez, operators of Rodriguez …
Fire officials in Pine Bluff, Ark., say arsons are on the increase and authorities are seeking the public’s help through a new hotline for reporting fire bugs. On a recent weekend the town had “seven fires and that’s way too …
Three companies have filed a class-action suit against the Ohio Bureau of Workers’ Compensation over a system that they say costs employers million of dollars in excessive premiums. The companies argue that the bureau’s “group rating” system awards unrealistically huge …
Massachusetts Insurance Commissioner Nonnie S. Burnes has issued a bulletin calling on insurance companies to send written notification to consumers when a settlement payment in any third-party liability claim is made to the consumer’s attorney or other representative. According to …