Standard & Poor’s and A.M. Best have both given high ratings to new debt issues from Germany’s Allianz Group. S&P assigned its ‘A-1’-plus short-term debt rating to Allianz Finance Corp.’s commercial paper program, which is authorized to a limit of …
The Royal Commission investigating the collapse of Australian insurer HIH last March revealed that directors and officers failed to provide essential information to the accounting firm Ernst & Young which prevented them from reviewing its financial condition, and also from …
Connecticut-based W.R. Berkley Corp. announced it will enter the excess medical malpractice market with the formation of Berkley Medical Excess Underwriters, LLC., based in St. Louis, Missouri, which will underwrite on behalf of various W. R. Berkley insurance subsidiaries. “Berkley …
The Board of Directors of New Jersey-based Preserver Group, Inc. announced plans to offer $7.75 per share for all of the Group’s publicly held common stock as part of a plan to privatize the company. In a public statement it …
Investigators with the California Department of Insurance (CDI), Criminal Investigation Branch’s Fraud Division arrested a Sacramento husband and wife on four counts of insurance fraud. Ram Singh, 41, was arrested and booked into the Sacramento County Jail. Bail was set …
Bill Cooper, Kevin Crombie and Charles Wardlaw announced that they have changed their company’s name from W. K. Cooper & Co. International Insurance Brokers Inc. to International E&S Insurance Brokers Inc. “After opening another office on the East Coast, it …
Willis Group Holdings Limited, the global insurance broker, announced the acquisition of Goldman Insurance Services/Risk Management of San Francisco, Calif.. The transaction is expected to close Dec. 31. Goldman Insurance Services has been serving property and casualty, employee benefits and …
In a firm gesture that told the accounting profession to face its responsibility in annual audits of mutual companies, an NAIC committee with jurisdiction over such audits has voted to forbid indemnification of auditors by their mutual audit clients. The …
The ongoing battle between Swiss Reinsurance Co. and Larry Silverstein will continue into the New Year. According to a Reuters story, a New York federal judge has set a deadline of April 30 in relation to the discovery phase of …
Rolf Hueppi, chief executive of Zurich Financial Services, told insurers at a recent gathering in New York that the events of Sept. 11 have redefined risk. According to a Reuters report, some insurers will fall under the $70 billion or …
