Standard & Poor’s lowered its senior debt and preferred stock ratings on Travelers Property Casualty Corp. to “A-” and “BBB”, respectively, from “A+” and “A-.” At the same time, S&P affirmed its “AA-” counterparty credit and financial strength ratings on …
The National Association of Insurance Commissioners (NAIC) has begun developing a program to help states identify market conduct problems as early as possible and has adopted a proposal to make market conduct exams more uniform. The National Association of Independent …
The National Association of Independent Insurers (NAII) testified that privacy notification language being developed for insurers as a guideline should be i dentified as a “safe harbor” rather than a “best practice” model in order to avoid unnecessary litigation. The …
As a result of its strong focus on business ethics, the Kemper Insurance Companies was recently awarded the Chicago Better Business Bureau’s fifth annual Torch Award for Marketplace Ethics. The award was given in the large-company category, those with more …
London’s Financial Times carries a report that the European Commission has completed a preliminary investigation of Lloyd’s operations and may well “open formal proceedings against the UK government” concerning deficiencies in its regulation of the Lloyd’s market. The investigation was …
A.M. Best has assigned an initial financial strength rating of A+ (Superior) to Bermuda-based Allied World Assurance Company Ltd. (AWAC), the insurer formed in November by American International Group, Chubb Insurance Company and Goldman Sachs. “This initial rating assignment reflects …
Standard & Poor’s affirmed its ratings on French reinsurer SCOR and its subsidiaries and removed them from CreditWatch. It also assigned a triple-‘B’-minus counterparty credit rating to Alea Group Holdings AG (AGH), the Switzerland-based holding company of the Alea group. …
Swiss Re, NCM and Gerling Insurance Group announced that they have completed the formation of Gerling NCM Credit and Finance AG, which combines Swiss Re’s 90% owned subsidiary, NCM Holding N.V., with Gerling Credit, establishing one of the world’s largest …
After lengthy negotiations the House and Senate have reached a compromise agreement which will provide New York with an additional $8.2 billion in federal emergency aid to help the city recover from the attacks on the World Trade Center. In …
American International Insurance Company of New Jersey (AIIC NJ), a subsidiary of American International Group, announced that it has reached an agreement with the State of New Jersey Department of Banking and Insurance that will enable it to maintain its …
