ACE Sets Share Price at $35
Bermuda’s ACE Ltd. set a price of $35 per share for the 28.6 million shares of its common stock that it will offer to the public in order to raise approximately $1 billion for corporate purposes. (See IJ Website Oct. …
Lloyd’s, NAIC Report Compromise
Lloyd’s and the National Association of Insurance Commissioners have reportedly reached a compromise on the deposit Lloyd’s must make to the reinsurance trust fund to guarantee payments of its estimated claims liabilities – 60 percent of the amount will be …
Attacks Cause W.R. Berkley to Post 3Q Loss, Will Discontinue Some Lines
W.R. Berkley Corp. announced that the effects of after tax losses of $23 million related to the attacks of Sept. 11 had caused it to post a net loss for the 3rd quarter of $47.2 million. The Greenwich Conn.-based company …
Silverstein Stands Firm on Two WTC Losses
Larry Silverstein isn’t about to back down on his claim that the loss of the twin towers of the World Trade Center constituted two separate loss events, and has reportedly called the claim by Swiss Re that there was only …
Great American® Offers Online Notary Bonds in Utah via ElectronicSurety.com
Great American Insurance Company now offers notary bonds and error and omission insurance for purchase online in Utah through its ElectronicSurety website. Low rate notary bonds are also available in Texas, Michigan, Mississippi and Missouri. The website is managed by …
A.M. Best Maintains Negative Outlook on SAFECO’s P/C Subsidiaries
In response to SAFECO’s recently announced loss reserve strengthening, A.M. Best Co. continues to maintain a negative outlook on the property/casualty operations’ financial strength rating of “A.” In addition, the negative outlook remains in effect for SAFECO’s debt ratings. The …
NAREIT, Financial Services Roundtable Emphasize 3 D’s in Letter to Pres. Bush
Steven A. Wechsler, president and CEO of the National Association of Real Estate Investment Trusts (NAREIT), and Steve Bartlett, president of The Financial Services Roundtable, sent the following letter, dated Oct. 23, 2001, to President Bush: “Our two organizations, representing …
Insurers to Discuss Global Regs, Accounting Standards, Privacy at IIC Roundtable
Private insurers face new challenges as supervisors and standard-setting bodies around the world work to develop and implement international standards to improve trade and financial stability in a weakened global economy, according to the International Insurance Council (IIC). The Roundtable, …
Farmers Settles Ohio Discrimination Suit for
Farmers Insurance agreed to pay $4.3 million to settle an Ohio lawsuit charging the company with discrimination against homeowners in minority neighborhoods in issuing homeowners insurance policies. With the settlement, California-based Farmers, the fourth largest home and auto insurer in …
Arch Capital in Deal With Equity Investors to Launch Bermuda Reinsurer
Arch Capital (AC) joined other Bermuda-based insurers in announcing plans to establish a new reinsurance company. Backed by the private equity firms Warburg Pincus and San Francisco’s Hillman & Friedman, Arch Reinsurance (AR) would begin life with over $1 billion …
