Fitch Ratings assigned a “B-” Long-Term issuer rating to Acceptance Insurance Companies Inc. (Acceptance) and a “CCC+” rating to Acceptance’s $94.875 million 9.00 percent Trust Preferred Securities, due 2027. Acceptance is the parent company of Nebraska-based American Growers Insurance Company. …
Standard & Poor’s has lowered its counterparty credit and financial strength ratings on Eastern Casualty Insurance Co. to double-‘Bpi’ from triple-‘Bpi’ citing a decline in capitalization and weak profitability and liquidity. Based in Marlborough, Mass. the stock company writes mainly …
California-based Advanced Risk Technologies Insurance Services has hired Michael Saverien as vice president. In this position, Saverien will work with existing and future clients, helping expand the firm’s operations within California and beyond. Saverien has more than seven years of …
Standard & Poor’s has lowered its counterparty credit and financial strength ratings on Oregon-based Northwest Physicians Mutual Insurance Co. to single-‘Bpi’ from triple-‘Bpi’ because of significant declines in capitalization, profitability, and liquidity following the removal of noneconomic award caps by …
Property and Casualty insurer Farmers Alliance Mutual Insurance Co. will accept no new customers in New Mexico and will not renew existing customers’ policies, impacting some 7,000 policyholders, according to the Albuquerque Journal. A spokesperson for the company said the …
The National Association of Independent Insurers (NAII) has a tentative agreement in place to take on the Association of California Insurance Companies (ACIC). Joe Annotti, assistant vice president for public affairs with the NAII, told Insurance Journal that “Our board …
Insurance technology provider, Sirius Financial Systems Plc, has reported June was an outstanding month for sales of its Sirius for Underwriting software, with a four new contracts being signed. Three of the new customers are former users of PM Underwriting, …
Lloyd’s of London has published proposals for reform that will transform it into a modern, transparent and profitable marketplace. In a 56-page consultation document, which goes out to some 16,000 businesses and individuals, the Chairman’s Strategy Group sets out detailed …
American International Group has announced enhanced Directors, Officers and Corporate Liability insurance coverage that includes Business Travel Accident Insurance and Travel Assistance Services. The Business Travel Accident endorsement pays benefits in the event of an accident when an insured director …
Results International Systems, Inc. (RIS), a full service outsourcer offering complete web-enabled processing solutions to the Property & Casualty industry, has unveiled its new rating engine, the first module in the RIS Artius project. Unlike traditional raters, the Artius approach …
