For more than a year, the issue of federal backstop legislation for terrorism risk has dominated Congress’ attention when it comes to insurance industry issues. Now that the Terrorism Risk Insurance Act has been passed and signed into law, federal …
Why Plan? As the manager and/or owner of your agency, you know that every task you undertake on a daily basis should be one step closer to the completion of an overall agency plan. Why plan, you ask? It is …
A quick browse through the Web sites of state insurance commissioners across the country on any given day in any given year, is bound to turn up at least one account of regulators cracking down on an insurance agent for …
Fraud, in all forms, is as old as the industry itself. Given a struggling economy, the temptation to create fraud against or within the industry has been on the upswing recently. According to Jim Quiggle, director of communications for the …
Fitch Ratings affirmed its “AA-” insurer financial strength ratings on Factory Mutual Insurance Company, Affiliated FM Insurance Company, and Appalachian Insurance Co. collectively (FM Global). The outlook is stable. FM Global’s strong competitive position in the highly protected risk (HPR) …
Moody’s Investors Service revised its outlook on the debt ratings of Willis NorthAmerica Inc., a subsidiary of Willis Group Holdings. to positive from stable. The rating agency commented that improved earnings, future prospects and reduced financial leverage combine to generate …
S&P’s lowered its counterparty credit and financial strength ratings on Employers Reinsurance Corp. and its wholly owned subsidiaries (collectively, ERC) to “AA-” from “AA+” because of the serious deterioration in ERC’s operating performance. Also lowered were S&P’s counterparty credit and …
A.M. Best Co. affirmed the “A” (Excellent) financial strength ratings of Zurich Financial Services Group (ZFS) and its core operating subsidiaries. Simultaneously, A.M. Best affirmed the “a” and “a-” ratings on the senior and subordinated debt instruments issued or guaranteed …
Fitch Ratings, Standard & Poor’s and A.M. Best initiated rating actions on Fairfax Financial Holdings Inc. (Fairfax) and its subsidiaries, including TIG Insurance Group—Dallas, Ranger Insurance Group, and Commonwealth Insurance Company (Canada) following Fairfax’s announcement that it would restructure TIG …
Employers Reinsurance Corp., the chief operating unit of General Electric’s sprawling reinsurance empire, is facing an uncertain future. It’s been hit by the same problems as Munich Re, Swiss Re, SCOR, Gerling and other reinsurers. Growing loss estimates from Sept. …
