S&P placed its ratings on Nationwide Financial Services Inc. (NFS) and related entities on CreditWatch with negative implications. At the same time, S&P placed its ratings on Provident Mutual Life & Annuity Co. of America (PMLAA) and Provident Mutual Life …
On Aug. 6, Standard & Poor’s (S&P) placed its “AA-” counterparty credit and financial strength rating (FSR) on Fireman’s Fund Insurance Co. (FFIC) and related entities on CreditWatch with negative implications. The rating implications reflect S&P’s concerns about FFIC’s continuing …
Pennsylvania Insurance Commissioner Diane Koken announced that the State’s Commonwealth Court granted the Department’s petition to place PHICO Insurance Company of Mechanicsburg under rehabilitation. The move was triggered when PHICO, which specializes in medical malpractice coverage, filed a late quarterly …
Neither Standard & Poor’s Financial Services Ratings Group nor investment bank Morgan Stanley is bullish on the reinsurance industry these days. S&P issued a report affirming its “negative outlook on the European reinsurance market,” and warned that it’s likely that …
X.L. America Inc. is consolidating the management of its U.S. specialty insurance programs under one newly formed business unit, XL Programs. XL Programs will partner with insurance program administrators to offer specialized insurance coverages to distinct market segments. Leveraging the …
Continental Casualty Company; America Casualty Company of Reading, Penn; and Transportation Insurance Company (collectively CNA) received approval from Nevada Insurance Commissioner Alice A. Molasky-Arman to increase its medical malpractice rates 52 percent, rather than the proposed 100 percent requested. The …
The Risk and Insurance Management Society Inc. (RIMS) announced its opposition to the proposed Reinsurance Tax Equity Act of 2001 (HR 1755). The decision to oppose the legislation was based on concerns that it could adversely affect the reinsurance marketplace …
New Jersey’s Department of Banking and Insurance is seeking to prolong the state’s largest automobile insurer’s presence in order to give State Farm’s 800,000-plus customers time to find alternative insurance before the company stops renewing policies. The company’s request, filed …
In addition to the previously announced layoffs of 1,200 employees, Citigroup Inc. announced it will let go another 3,000 workers this year due to the economic downturn, according to Reuters. The world’s largest bank holding company (in terms of assets) …
The St. Paul Companies announced the formation of the Global Surety and Construction Group. According to the group’s newly appointed President Robert J. Lamendola, the formation of the Global Surety and Construction Group reflects strong growth in The St. Paul’s …
