Standard & Poor’s Ratings Services has affirmed its ‘AA-‘ long-term counterparty credit and insurer financial strength ratings on German reinsurer Hannover Rueckversicherung AG and its core entities – Hannover Re Bermuda Ltd., E+S Rueckversicherungs AG, E+S Reinsurance (Ireland) Ltd., Hannover …
Bermuda’s AXIS Capital Holdings Limited reported a net loss for the third quarter of 2008 of $249 million, or $1.79 per diluted common share, compared with net income of $270 million, or $1.65 per diluted common share, for the third …
ACE Limited reported net income for the third quarter ended September 30, 2008, of $54 million, compared to $656 million in the same period of 2007, a 92 percent decrease. Earnings per share were $0.16, compared with $1.95 per share …
Canada’s insurance regulator on Tuesday eased guidelines on the capital that insurers need to set aside for guaranteed payments on segregated funds, lifting a concern that weighed on their share prices as equities markets plunged recently. Shares of Manulife Financial, …
A fiberglass pool manufacturer in Jane Lew, W.Va. is facing a $79,000 fine for alleged safety and health violations. The U.S. Department of Labor’s Occupational Safety and Health Administration says Viking Pools should pay a $55,000 fine for failing to …
California Gov. Arnold Schwarzenegger has approved legislation affecting indemnity for construction defect claims in contracts in residential construction — a decision that could increase litigation when resolving construction defect claims and could increase the defense limits needed in wrap-up policies. …
A Buffalo, New York man who succeeded in fleeing police only to be arrested hours later when he walked into a police station to report his car stolen now faces charges of insurance fraud and grand larceny, according to state …
Attorney General William Sorrell says Vermont will collect $2 million from drug company Pfizer to settle a lawsuit over the company’s marketing practices. Vermont and 32 other states have been settling lawsuits against the company for a total of $60 …
A medical device company has ordered the recall of certain batches of a small mechanical heart pump, saying five people have died while using the device. Thoratec Corp. urged patients to have their implants checked after confirming 27 reports of …
State Comptroller Thomas DiNapoli says 20 medical providers cost New York nearly $14 million by intentionally not collecting out-of-pocket payments state workers should have made to the state health insurance program. Because the physician groups weren’t participants in the Empire …