A.M. Best Co. announced that it has downgraded the senior debt ratings to “bb-” from “bb” of Philadelphia-based PMA Capital Corporation (PMACA). It also downgraded the indicative debt ratings for securities issued under PMACA’s $250 million universal shelf registration. Best …
A.M. Best Co. announced that it has affirmed the financial strength rating of “A-” (Excellent) of Egypt’s Al Chark Insurance Company with a negative outlook. “The rating reflects the company’s superior, albeit reduced, risk-adjusted capitalisation, robust operating performance and prominent …
Toronto-based Fairfax Financial Holdings Limited announced that it earned US$271.1 million in 2003, the largest annual profit in its history, despite a sharp drop in the fourth quarter, due primarily to net reserve charges aggregating $224 million at Crum & …
A.M. Best Co. issued a brief comment following the announcement that Swiss Re has agreed to acquire CNA Financial Corporation’s life insurance book of business (See IJ Website Feb.5), indicating that it plans no changes in the company’s ratings. “The …
Fortis Insurance N.V., the U.S. subsidiary of the Dutch-Belgian Fortis group, has achieved a clear success with the sale of its shares in Assurant. The initial public offering of some 80 million shares, which began last Thursday on the New …
The American Association of Insurance Services (AAIS) has developed two new endorsements options that provide coverage for a homeowner’s or unit-owner’s obligation to pay an insurance deductible under a master policy covering a homeowners or condominium association. The endorsements have …
Mayfield Village, Ohio-based vehicle insurer Progressive Corp. reported fourth-quarter 2003 net income of $357.8 million, or $1.63 per share, 135 percent higher than last year’s $152.2 million, or 69 cents per share, in the fourth quarter. Included in net income …
Itasca, Ill.-based brokerage giant Arthur J. Gallagher & Co. announced that its board of directors declared a quarterly cash dividend on the company’s common stock of 25 cents per share payable April 15, 2004, to shareholders of record as of …
Due to corporate restructuring, Royal & SunAlliance has announced that they will dissolve their telephone claims operation of 55 employees in Milbank, S.D. A statement released by the South Dakota Governor’s Office of Economic Development touted the location and employees …
The St. Paul Cos. announced that the company expects fourth-quarter net income of 19 cents to 21 cents per share and operating earnings per share of zero cents to 2 cents. In the quarter, the company recorded a charge of …
