Standard & Poor’s has lowered its financial strength rating on Western Mutual Insurance Co. to triple-‘Cpi’ from double-‘Bpi.’ This rating action reflects continued deterioration in the company’s claims experience, leading to net losses in 1999 through to the third quarter …
Insurance Services Office has launched ISO CatCube, a flexible way to access and analyze data in ISO’s Property Claim Services Catastrophe History Database. Insurers, risk managers and other industry interests use the Catastrophe History Database for catastrophe planning, reinsurance purchases, …
ChurchPlaza has signed an agreement with Arthur J. Gallagher & Co. to offer co-branded insurance products to the $49 billion church market. Sarasota, Fla.-based ChurchPlaza is a supplier of products and services to the nation’s churches and is endorsed by …
The FINOVA Group, Berkshire Hathaway and Leucadia National Corp. have entered into an agreement for a $6 billion loan to FINOVA Capital, the principal operating subsidiary of The FINOVA Group in connection with a restructuring of all of FINOVA Capital’s …
According to a recently published study conducted by Standard & Poor’s, the number of U.S. insurers that failed in 2000 increased to 56, compared with 40 in 1999. Of the 56 failures, 31 were property/casualty insurers; 17 were health insurers; …
Illinois Governor George H. Ryan proposed a Fiscal Year 2002 budget of $33.6 million for the Illinois Department of Insurance including programs that protect consumers. Less than 1.5 percent of the total amount proposed would come from the state’s General …
Farmers in Britain and continental Europe are facing extremely serious consequences following the outbreak of the highly contagious foot-and-mouth disease in the U.K. Herds of cattle, sheep and pigs have been slaughtered and burned in 11 different farming regions. On …
Legal & General, the U.K.’s 3rd largest life and pensions group, posted a 15 percent increase in pretax operating profits to £479 million ($692 million) for the year 2000, substantially above analysts’ forecasts. Facing heavy competition from its two larger …
Australian insurer AMP announced that its net after tax profit had rebounded sharply to A$1.152 billion ($604 million) for the year 2000, following 1999’s $225 million loss. The company cited strong growth in its international business and continued efforts to …
American International Underwriters, the international p/c unit of AIG, announced that an agreement has been reached with Nasdaq Japan to offer management liability insurance to companies listed on the exchange. Nasdaq Japan is a joint venture between the NASD and …
