NYMAGIC, INC. announced plans for a secondary offering of 1,500,000 shares of its common stock by a group of selling shareholders. The company’s announcement identified them as including the following: — Mark W. Blackman, a son of the Company’s founder …
Standard & Poor’s Ratings Services announced that it has lowered its counterparty credit and senior debt ratings on PMA Capital Corp. (PMACA) to ‘B’ from ‘BB-.’ It also said it has lowered its counterparty credit and financial strength ratings on …
U.S. District Court Judge Michael Mukasey has set Feb. 9, 2004 as the date for the first of several trials to determine the outcome of the lawsuit pitting Swiss Re, Travelers and other insurers of the World Trade Center against …
The Board of Directors of the Paris-based SCOR Group has reaffirmed its unanimous support for the reinsurer’s planned capital increase. The affirmation came at a meeting held Nov. 21. The board also announced that SCOR’s “Extraordinary General Assembly, which will …
A.M. Best Co. announced that it has affirmed the financial strength rating of ‘A+’ (Superior) of the U.K.-based HSB Engineering Insurance Company Limited (HSBEIL) with a “stable” outlook. “The rating reflects HSBEIL’s superior business position, operating performance and stand-alone risk-adjusted …
As expected, a bill to repeal legislation allowing undocumented aliens to obtain California drivers’ licenses, passed from the Senate Transportation Committee by a 10-2 vote, the American Agents Alliance said. SBX3 1 (Oller) will now be heard on the Senate …
A Marion, Iowa, insurance agent was sentenced to four years in prison for selling fraudulent securities, according to The Marion Star. Paul L. Edwards, 68, received three years for reportedly engaging in a pattern of corrupt activity and one year …
The U.S. property/casualty industry has an estimated reserve deficiency of between $46 billion and $77 billion at year-end 2002, a figure which is equal to between 10 percent and 17 percent of total reserves and between 16 percent and 26 …
Balboa Insurance Group Inc. has announced new delivery methods for a renters insurance program offered through two of its insurance company subsidiaries. BIG’s renters product, which has been sold through financial instituations for about 20 years, is now being sold …
Seattle-based Safeco Business Insurance (SBI) has expanded its online sales platform to make it faster and easier for agents to sell workers compensation insurance to small businesses. The update means agents can go online to quote, bind and instantly issue …
