S&P placed all its long-term ratings, including its “A-” counterparty credit and insurer financial strength ratings, on France-based reinsurer SCOR and subsidiaries on CreditWatch with negative implications. The placement follows the reinsurer’s disappointing first quarter results, diminished business position and …
Moody’s assigned an “A3” (Good) insurance financial strength rating to Montpelier Reinsurance Ltd., a Bermuda-based property catastrophe and specialty property reinsurance company. Montpelier Re is the main operating subsidiary of Montpelier Re Holdings Ltd., a Bermuda-based, publicly-traded holding company. The …
A.M. Best Co. has placed the financial strength rating of “A” (Excellent) of the members of GE Financial/P&C under review with developing implications. The action follows the June 25 announcement that General Electric Co.’s (GE) GE Insurance unit agreed to …
A.M. Best Co. assigned an initial financial strength rating of “A-” (Excellent) to James River Insurance Company (James River). The rating outlook is stable. The company is the insurance subsidiary of James River Group Inc., a Delaware holding company organized …
S&P assigned its “A” financial strength rating to Sheffield Insurance Corp., a writer of specialty insurance, based on its integration into the business plan of its parent, experienced management, appropriate reinsurance and capital, and financial profile. Also affirmed were the …
A.M. Best Co. downgraded the financial strength rating to “A” (Excellent) from “A+” (Superior) of the Gulf Insurance Group. The rating outlook is stable. The action reflects the group’s underwriting deterioration, increased earnings volatility over the past several years and …
Standard & Poor’s Ratings Service lowered its counterparty credit and financial strength ratings on Atlantic Mutual Insurance Co., Centennial Insurance Co., Atlantic Specialty Insurance Co., and Atlantic Lloyds Insurance Co. of Texas (collectively referred to as Atlantic Mutual) to “BBB” …
Due to an anonymous tip, Texas Mutual Insurance Company will be recovering over $8,200 in restitution and will save over $26,000 in estimated future income benefits. Additionally, the confidential informant will receive a $1,000 reward. Texas Mutual said without the …
Arkansas Insurance Commissioner Mike Pickens announced an overall loss increase of 1.8 percent in the state’s Workers’ Compensation voluntary insurance market. This small increase is the first for Arkansas in eight years. Until this year, Arkansas had experienced a decline …
Travis County District Judge Patrick Keel has found that a San Antonio janitorial company lied about its payroll to get workers’ compensation coverage so it could pursue lucrative government contracts. According to Texas Mutual Insurance Company, at the civil trial …
