Bermuda-based XL Capital Ltd. plans to issue and sell Series A preference ordinary shares pursuant to XL’s currently effective shelf registration statement. The preference shares offered will not be exchangeable for or convertible into ordinary shares of XL. The underwriters …
Standard & Poor’s assigned its triple-‘B’-minus counterparty credit and insurer financial strength ratings to Oslo-based start-up marine insurer Bluewater Insurance ASA (Bluewater). The outlook is stable. “The ratings reflect Bluewater’s strong initial capitalization and experienced management team, offset by the …
Bermuda-based ACE Ltd. appointed Evan Greenberg to its Board of Directors. Greenberg joined ACE as vice chairman of ACE Limited and CEO of ACE Tempest Re in Nov. 2001. In Feb. 2002, he also assumed responsibility for all of ACE’s …
Standard & Poor’s has revised its outlook on Aon Corp. to negative from stable following the company’s second-quarter 2002 earnings announcement. “This rating action reflects the margin deterioration in Aon’s insurance brokerage and consulting practices, which reported lower-than-expected earnings, partly …
The law firm of Milberg Weiss Bershad Hynes & Lerach LLP reported that a class action lawsuit was filed on Aug. 8 on behalf of purchasers of the securities of Aon Corporation between May 4, 1999 and Aug. 6, 2002, …
CNA Financial Corp. reported it swung to a second-quarter profit, able to raise prices on many of its policies. CNA, which is 87 percent-owned by holding concern Loews Corp., posted net income of $35 million, or 16 cents a share, …
The Alliance of American Insurers said it is pleased by growing recognition within the National Conference of Commissioners on Uniform State Laws (NCCUSL) that the Uniform Computer Information Transactions Act (UCITA) may have to be scrapped. “The Alliance has been …
The National Association of Mutual Insurance Companies (NAMIC) named Michael Ulmer, Vice President of Information Technology. Ulmer joined NAMIC in 1992 as MIS Manager. Since that time, he has worked in building the association’s database capabilities, IT infrastructure, and Web …
According to the National Association of Independent Insurers (NAII), The Maine Supreme Judicial Court handed another victory to the insurance industry in a recent ruling where it rejected the diminished value concept. “The Maine Supreme Court, like other jurisdictions across …
During the first of three public hearings held by Florida Insurance Commissioner Tom Gallagher on mold, the National Association of Independent Insurers (NAII) encouraged the state insurance department to continue collecting information through public hearings to avert a homeowners crisis …
