Moody’s Investors Service has confirmed the A3 insurance financial strength ratings of the property and casualty insurance subsidiaries of American Financial Group as well as its debt ratings (senior unsecured at Baa3) and changed its ratings outlook on all of …
Progressive Corp., the nation’s fourth auto insurer, is seeking shareholder approval to double its authorized common shares to 600 million, according to a preliminary proxy statement released by the Securities and Exchange Commission. The Mayfield Village, Ohio, insurer said its …
Investigators with the California Department of Insurance (CDI) Investigation Division and the Fraud Division announced recent developments in these insurance fraud cases: ·ANAHEIM – Gary Stromme, 47, originally pled guilty last December to two felony counts of grand theft for …
Toronto-based Co-operators General Insurance Company announced its financial results for the quarter ended Dec. 31, 2002. For the fourth quarter, the company reported a consolidated after-tax net loss of $2.5 million, compared to the $2.6 million loss during the same …
As the nation continues to face a medical malpractice crisis, the U.S. House of Representatives has sought the experience of Californians Allied for Patient Protection (CAPP). CAPP is a broad-based coalition dedicated to preserving the legal reforms enacted under California’s …
A.M. Best Co. has affirmed the financial strength rating of B++ (Very Good) of Egyptian Reinsurance Company (Egypt Re). The affirmation reflects the maintenance of excellent risk-adjusted capital adequacy and improved portfolio diversification; however, weak underwriting performance continues to exert …
The House Energy & Commerce subcommittee on Health held a hearing last week to assess the need for medical liability reform legislation, H.R. 5. The full House Judiciary Committee plans to hold a hearing on the same issue on March …
Standard & Poor’s Ratings Services lowered its counterparty credit and financial strength ratings on Boca Raton, Fla.-based Associated Industries Insurance Co. (AII) to “Bpi” from “Bbpi.” “This rating action was based on AII’s weak capital, weak liquidity, high geographic and …
Florida’s Brown & Brown Inc. announced its acquisition of Acumen Re Management Corporation, of Mount Laurel, N.J., in a transaction effective March 1. Acumen Re Management Corporation, with annual revenues of approximately $2,000,000, is a reinsurance underwriting management organization, primarily …
Vesta Insurance Group Inc. of Birmingham, Ala., reported net operating earnings of $4.5 million, or $0.13 per share in the fourth quarter 2002 compared to a loss of $2.3 million, or $(0.07) per share for the corresponding period in 2001. …
