The counterparty credit and financial strength ratings on Oil Insurance Ltd. (OIL) was raised from ‘A+’ to ‘AA-‘ by S&P. Also raised were the commercial paper and note issuance facility ratings on OIL (from ‘A1’ to ‘A1+’). At the same …
S&P affirmed its ‘A-‘ counterparty credit and financial strength ratings on Rhine Reinsurance Co. Ltd. and Rhine Reinsurance (Bermuda) Ltd., known collectively as the Rhine Re Group (Rhine Re). The outlook on S&P’s counterparty credit rating was revised from stable …
The ‘BB’ counterparty credit rating on Willis Group Ltd. was affirmed by Standard & Poor’s (S&P). Concurrently, the ‘BB’ bank loan and ‘B+’ senior subordinated debt ratings on Willis North America Inc., which is guaranteed by Willis Group Ltd., were …
The Rating Watch-Down status on the ‘A+’ senior debt rating and ‘A’ quarterly income preferred security rating (the trust preferred security rating) of Hartford Financial Services Group Inc. (HFSG) was maintained by Duff & Phelps Credit Rating Co. (DCR) following …
The long-term issuer rating of the Alleghany Corporation was affirmed by Moody’s Investment Services at ‘Baa2’ following Alleghany’s sale of its principal insurance operation, Underwriters Re Group, to Swiss Re for $660 million. The outlook is stable for the Alleghany …
The financial strength rating of Reliance Insurance Group was downgraded from ‘A-‘ to ‘B++’ by A.M. Best Co. The rating action followed an evaluation of the group’s worse-than-expected first quarter underwriting results and unfavorable operating trends and applies to the …
Following an 18-month investigation by the CDI Fraud Division, 11 suspects have been arrested for insurance fraud as well as conspiracy in connection with an auto drag-racing team. Investigators were assisted by the San Joaquin County District Attorney’s Office, the …
Parvez Karim of Panorama City was arrested at his place of employment and charged with three felony counts of workers’ comp fraud. According to CDI fraud investigators, in July of 1997, the 45-year-old man filed a claim for workers’ comp …
Delano Manning Jr. of Burbank was arrested and charged with one felony count of making false statements for a workers’ comp claim and one felony count of grand theft. The CDI Fraud Division received a tip from a Tennessee resident …
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