Standard & Poor’s (S&P) affirmed its “AAA” counterparty credit and insurer financial strength ratings on entities of both the Munich Reinsurance Group and the Allianz Group. The affirmation followed the companies’ announced plan to decrease their mutual cross-shareholdings from 25 …
Duff & Phelps Credit Rating Co. (DCR) lowered the senior debt rating of Fremont General Corporation (Fremont) from “BBB” to “BB+.” The preferred securities of Fremont subsidiary, Fremont General Financing I, also went down from “BB+” to “BB.” The claims …
The senior debt and financial strength ratings of Superior National Insurance Group Inc. was further downgraded by Moody’s Investment Services from “Caa1” (Very Poor) to “Ca” (Extremely Poor). The “C” ratings of trust preferred securities remained unchanged and the guaranteed …
Steven Alan Ford of Norco, Calif., was recently arrested on workers’ compensation fraud. According to CDI fraud investigators, the 47-year-old man filed a w/c claim in 1995 for an injury sustained to his back. He alleged to have sustained the …
Stephen C. Sayre, 43, of Los Angeles, is currently being sought by federal law enforcement authorities for allegedly committing securities fraud in connection with the purchase and sale of stock in San Pedro-based eConnect. Sayre allegedly caused a company he …
In conclusion to one of the largest workers’ comp fraud cases in San Diego county history, Doug and Ricki Stricker of Escondido, Calif., and owners of the Stricker Organization, a well-known roofing company, have been sentenced to prison and jail …
Nine suspects were arrested on May 18 following a 15-month joint investigation code-named “Operation Cleansheet,” conducted by the CDI Bureau of Investigations and Fraud Division, the FBI, the U.S. Attorney’s Office and the Sacramento District Attorney’s Office. The CDI received …
Zurich U.S. and The Hartford Financial Services Group formed a strategic relationship to co-market their agribusiness products in a program designed to take advantage of each compaies strengths. Under the agreement, which became effective June 1, the Zurich U.S. Agribusiness …
Last October, Lloyd’s produced a working document entitled “Developing Broker Relationships,” which proposed sweeping changes in the accreditation and regulation of Lloyd’s brokers. Now the results of that study have been announced, and major changes will be in place as …
The commercial property/casualty insurance market continues to harden, according to a survey conducted by the Council of Insurance Agents & Brokers. The CIAB’s Commercial Insurance Markets Index survey found the most significant increases for medium-sized accounts-those generating between $25,000 and …
