Millea Holdings Inc., Japan’s biggest P/C insurance group, announced plans to merge Tokio Fire & Marine Insurance Co. and Nichido Fire & Marine Insurance Co. by October 2004. The two companies originally merged in April of 2002 to form Millea. …
Germany’s Hannover Re has issued a statement commenting on the actions taken by Moody’s Investors Service this week in downgrading the reinsurer’s financial strength rating from “A2” to “Baa1” and assigning a negative outlook. “Moody’s has justified this move, inter …
The U.K.’s Brit Insurance Holdings Plc, the parent company of Brit Insurance Limited (BIL), indicated that it is holding talks with the U.K.’s Professional Risks Insurance Limited (PRI) about a tender offer valued at £156 million ($245 million). According to …
Standard & Poor’s Ratings Services announced that it has it lowered its long-term ratings, including its counterparty credit and insurer financial strength ratings, on Germany’s Munich Reinsurance Co. (MRC) and the core insurance and reinsurance subsidiaries of the Munich Re …
Standard & Poor’s has lowered its counterparty credit and financial strength ratings on American Re-Insurance Co. and American Alternative Insurance Corp. (collectively referred to as American Re) to ‘A+’ from ‘AA-‘ because of the recent lowering of the counterparty and …
Agents should understand the unintended effects of their agency’s practices on legally protected groups and should ignore emerging minority markets at their peril, a management consultant told a group of Illinois agents Wednesday. Cheryl Koch, an agency management consultant and …
The Florida Financial Services Commission, made up of the governor and Cabinet, unanimously approved the appointment of Kevin McCarty as director of the Office of Insurance Regulation (OIR). As director, he will be responsible for regulation of all insurance companies …
The Florida Senate Banking and Insurance Committee took a 180-degree turn from the direction of the House and approved legislation that would roll back rates back by 60 percent. The National Association of Independent Insurers (NAII) said Senate Bill 2080 …
Lindsey Morden Group Inc. announced that Stephen A. Eisenmann joined Cunningham Lindsey U.S. Inc. as chairman and chief executive officer. Cunningham Lindsey U.S. specializes in independent insurance claims adjusting, appraisal and loss management services. Working out of the company’s Dallas …
Investigators for the Louisiana Department of Insurance Fraud Unit served cease and desist orders to Linda Foxworth McMillan and A Aabco Insurance Agency of 234 Richmond Street, Bogalusa, prohibiting both from conducting any kind of insurance business in Louisiana, according …
