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’s 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 …
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 …
According to the Alliance of American Insurers (AAI), the National Conference of Insurance Legislators (NCOIL) took a giant step toward improving uniformity in state regulation by formally adopting model legislation based on the AAI’s Company Licensing Model Act. The action …
Colorado court decisions that allowed retroactive mental anguish damages in private contract disputes are unconstitutional and should be overruled, the National Association of Independent Insurers (NAII) maintains. “Any government mandate that retroactively imposes additional responsibilities on parties to a contract …
Colorado Gov. Bill Owens has signed a bill prohibiting insurers from refusing to issue a fire insurance policy within a federally designated disaster area due to wildfire. Senate Bill 7 became effective immediately. National Association of Independent Insurers (NAII) Northwest …
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 …
Hawaii Gov. Ben Cayetano has signed into law a bill on captive insurance that makes Hawaii’s premium tax structure more equitable for captive insurers, while maintaining an adequate fund base for the ongoing monitoring, regulation, and development activities of the …
Insurers are expected to pay an estimated $120 million to home owners and businesses for insured-property losses from the Rodeo-Chediski Complex wildfire in Arizona, according to preliminary projections by the Insurance Services Office Inc.’s (ISO) Property Claim Services (PCS) unit. …
