A.M. Best Co. has released a statement indicating that it “does not anticipate the re-evaluation of ratings as a result of the increased scrutiny of finite reinsurance transactions by regulators and other interested parties in the insurance industry.” Best explained: …
Highly-rated financial service specialist MBIA Inc. announced that it has received identical document subpoenas today from the Securities and Exchange Commission and the New York Attorney General’s office requesting information with respect to non-traditional or loss mitigation insurance products developed, …
The National Association of Professional Insurance Agents has issued a strongly worded statement admonishing, J. Robert Hunter, the insurance director of the Consumer Federation of America (CFA), for statements made during Senate testimony this week. In his testimony on Tuesday, …
A special report released by A.M. Best Co. cites “vastly improved operating earnings” recorded in 2003 and a considerable boost from unrealized capital gains, as fueling a 21.8 percent increase in the U.S. property/casualty industry’s overall surplus. Best said: “These …
ACE USA, the U.S.-based retail operating division of The ACE Group of Companies, announced that it is enhancing its Defense Base Act (DBA) product offerings to create a responsive, comprehensive approach for small to mid-sized contractors bidding on work in …
A.M. Best Co. announced that it has affirmed its Syndicate Rating of “A” (Excellent) and the issuer credit rating (ICR) of “a+” of Lloyd’s Syndicate 510, which is managed by the U.K.-based R J Kiln & Co Ltd., with a …
Bermuda-based PXRE Group Ltd. announced that it has priced a public offering of 5,251,686 shares of common stock at $23.75 per share, consisting of 3,724,803 shares offered by the Company and 1,526,883 shares offered by certain selling shareholders. The bulletin …
Toronto-based Fairfax Financial Holdings Limited announced that it has commenced a tender offer for certain of the outstanding debt securities, or notes, of Fairfax and its wholly-owned subsidiary, TIG Holdings, Inc. for up to U.S. $150 million in cash. Fairfax …
Ohio Senate Insurance Committee Chair Scott R. Nein, a Republican, has joined the Ohio Association of Insurance Agents as executive vice president, the group announced recently. The group, affiliated with the national Independent Insurance Agents and Brokers of America, said …
The Hartford Financial Services Group Inc. has acquired $247.5 million of multi-year, collateralized catastrophe reinsurance from Foundation Re Ltd., a Cayman Island reinsurance company. The new reinsurance coverage is designed to complement The Hartford’s existing reinsurance and state-specific insurance programs …
