Following comments by Sen. Patrick Leahy (D-VT) at last week’s U.S. Senate Judiciary Committee hearing on class action reform, the Alliance of American Insurers said it was encouraged that the Senate may consider the asbestos issue when it returns from …
Swiss Re announced that there are no circumstances under which World Trade Center leaseholder Larry Silverstein can ever recover more than $3.5 billion of insurance proceeds under the coverage he purchased. Swiss Re’s experts established the true value of Silverstein’s …
A.M. Best has given Lloyd’s syndicates 1003 and 2003—known as syndicate 1003/2003 (the syndicate)—a syndicate rating of “A.” The ratings of syndicate 1003/2003 are based on excellent operating performance, strict management control of underwriting, capital flexibility, carefully managed growth and …
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. …
S&P revised its financial strength rating on American Horizon Insurance Co. to “R” from double-“Bpi” after learning that the Cook County Circuit Court issued a liquidation order with a finding of insolvency against the company on July 11, 2002. Before …
Standard & Poor’s removed St. Paul Cos. Inc. and its subsidiaries from CreditWatch and lowered its counterparty credit rating on the St Paul Cos. to “BBB+” from “A-“, due to the company’s challenges executing certain strategic actions and its lower-than-expected …
With Maine on board, insurance regulators in 44 states and Washington, D.C., have approved Insurance Services Office Inc.’s (ISO) LOCATION™ database of Public Protection Classifications (PPC™), the ISO program that grades the fire-suppression capabilities of more than 45,000 municipalities in …
The Texas Workers’ Compensation Commission (TWCC) unveiled a new online tool, the Online Occupational Injury Custom Reports System. The Web-enabled database system allows safety and health professionals, insurance carriers, and other individuals to query occupational injury information from the agency’s …
President Bush’s proposal for major legislative reforms to address the medical malpractice liability crisis has been praised by both the Alliance of American Insurers and the IIABA. In a recent speech in North Carolina, Bush proposed a number of reforms …
Texas-based American National Insurance Company reported its gain from operations after tax for the second quarter of 2002 was $27,565,000 ($1.04 per share) versus $16,116,000 ($0.61 per share) for the same period in 2001, a 71 percent increase. For the …
