S&P’s has assigned its “BBB-” preferred stock rating to Ace Ltd.’s $500 million ($575 million if over-allotment exercised) 7.80 percent cumulative redeemable preferred shares, Series C offering. Ace may redeem these shares any time after May 30, 2008. S&P’s also …
A.M. Best Co. has downgraded the financial strength ratings to “C” (weak) from “B” (fair) of Ariz.-based Republic Western Insurance Co. and La.-based North American Fire & Casualty Insurance Co. The companies are all subsidiaries of Reno, Nev.-based AMERCO, which …
Standard & Poor’s lowered its counterparty credit and financial strength ratings on Boston-based Liberty Mutual Insurance Co. and related entities to “A” from “A+” and removed them from credit watch, where they were placed on April 4. In addition, the …
A search warrant was served by CDI investigators to former insurance broker Jimmie Earl Jackson, of Vallejo, Calif. Jackson was operating Jaxon Insurance Services in Vallejo. CDI revoked Jackson’s insurance license for allegedly accepting premium money from a client and …
A licensed agent and owner of First Class Insurance Agency, Robert Franklin, 35, of Los Angeles, was arrested and charged with two felony counts of grand theft. Franklin allegedly sold fraudulent insurance policies to consumers and collected premiums without ever …
Ron Stahr, 40, of Hawthorne, Calif. and Michele Morlet, 24, of Whittier, Calif., surrendered themselves to CDI investigators in Los Angeles on arrest warrants which charged them with filing false insurance claims. In the fall of 2001, Morlet and Stahr …
An investigation involving Phil-Am Auto Body Shop in Oakland led to seven additional arrests in Alameda County. Domingo Combe, 80; Amadeo Comilang, 49; Nolasco Depadua, 45; Rodolfo Eleno, 60; Luthgarda Galvan, 44; Gracia Mangrobang, 65; and Ramon Nobela, 49; are …
Noel DeSota of Orange County was arrested by CDI fraud investigators and sentenced to serve 60 days in Orange County Jail, complete 120 hours of community service, three years probation, and pay a $200 court fine. DeSota worked for Creative …
A Long Beach, Calif., woman surrendered on an outstanding warrant related to felony insurance fraud charges. Yvonne Boyce allegedly slipped and fell while on the job in 1998 injuring her shoulder. She proceeded to receive workers’ comp temporary total disability …
A former Los Angeles County Sheriff’s Department (LASD) civilian employee plead no contest to one count of felony insurance fraud for allegedly filing a false workers’ comp claim. Richard Montellano Argomaniz was arrested following an investigation by the CDI’s Fraud …
