On Nov. 17, the U.S. Office of Thrift Supervision (OTS) cleared an application by the Independent Insurance Agents of America (IIAA) and W.R. Berkley Corp. to establish a new federal thrift by the name of InsurBanc. The regulatory action comes …
The FSR on Lumber Mutual Insurance Co. was revised from “BBBpi” to “R” by S&P. The rating action also applies to Lumber Mutual’s three affiliated pool members. Massachusetts Insurance Commissioner Linda Ruthardt recently filed a petition seeking an order of …
The “A-“group rating of FPIC Insurance Group Inc. was reaffirmed by A.M. Best. The rating is applicable to FPIC’s four wholly owned insurance subsidiaries: Florida Physicians Insurance Co. Inc., Anesthe-siologists Professional Assurance Co., Intermed Insurance Co. and Interlex Insurance Co.
Standard & Poor’s (S&P) assigned a “BBBpi” FSR to Factory Mutual Insurance Co. and its two wholly owned pool members, Affiliated FM Insurance Co. and Appalachian Insurance Co., reflecting the pool’s dominant niche market position and strong capitalization. Offsetting factors …
The “AA+” insurer FSR on the Allstate Insurance Group, the primary property/casualty operation of the Allstate Corp., was affirmed by Fitch, which indicated that the action reflects such continued strengths at Allstate, such as a solid balance sheetand good profitability. …
The FSR of the core insurance subsidiaries of Citigroup Inc. were raised from “A+” to “A++” by A.M. Best. The rating is applicable to the 20-member Traveler’s property/casualty pool, led by Traveler’s Indemnity Co.; three reinsured affiliates; Traveler’s Casualty and …
The “A” ratings of Farm Family Life Insurance Co., Farm Family Casualty Insurance Co. and United Farm Family Insurance Co. were placed under review with developing implications by A.M. Best. The rating actions followed American National Insurance Co.’s Oct. 31 …
The “A+” financial strength rating (FSR) of Everest Reinsurance Co. and its four insurance affiliates was affirmed by A.M. Best following completion of the group’s restructuring plan. The other affected companies are Everest National Insurance Co., Everest Indemnity Insurance Co., …
Aon Corporation’s senior debt rating was downgraded from “AA-” to “A+” by Fitch. Also downgraded were Aon’s commercial paper from “F1+” to “F1.” The rating actions followed Aon’s Nov. 2 announcement of plans to implement a business transformation plan, with …
On Nov. 1, a Tehama County Superior Court Judge sentenced former Red Bluff insurance agent David Michael Chene to nine years in state prison. Chene was also ordered to pay $273,000 in restitution plus 10 percent interest per year. Chene …
