DaimlerChrysler AG’s Chrysler Group has sued insurers for refusing to cover losses the company sustained during the 2003 blackout. The outage—the worst in U.S. history—left millions of Michigan residents without power, and idled 14 of Chrysler’s 31 North American plants, …
A former Indianapolis insurance executive who fled to Central America has been indicted for what federal prosecutors said Thursday was a $3 million fraud scheme. The indictment against James R. Harrold, 61, was returned Wednesday, with charges including mail fraud, …
Standard & Poor’s Ratings Services announced that it has revised its outlook on Hartford Financial Services Group (HIG) Inc.’s P/C subsidiaries in the Hartford Fire Intercompany Pool (collectively referred to as Hartford PC) to negative from stable. S&P also said …
New York- based financial guarantee insurer MBIA, Inc. has issued a follow-up bulletin concerning the subpoenas it recently received from the Securities and Exchange Commission and the New York Attorney General’s office “requesting information with respect to non-traditional or loss …
New York-based commercial insurer American International Group Inc. announced that it has agreed to pay an $80 million penalty and appoint an independent monitor in a settlement with the Securities and Exchange Commission related to an investigation into structured financial …
Global insurance broker Willis Group Holdings is moving its world headquarters to Lime Street – across the street from Lloyd’s. Chairman and CEO Joe Plumeri has signed a Lease Agreement for the property at 51 Lime Street with long time …
A.M. Best Co. announced that it has affirmed the financial strength rating of “A” (Excellent) of U.K.-based W. R. Berkley Insurance (Europe) Limited (WRB). Best also assigned an issuer credit rating (ICR) of “a” to WRB reflecting the rating agency’s …
Swiss Re hosted its annual Investors’ Day at its Rüschlikon Conference Center near Zurich, yesterday, Nov. 23. The presentation offered additional insights into the Group’s risk management framework and a discussion of its internal risk model. The presenters informed the …
A.M. Best Co. announced that it has affirmed its “A” (Excellent) Syndicate Rating and the issuer credit rating of “a+” of Lloyd’s Syndicate 2001, which is managed by Amlin Underwriting Limited (AUL). The outlook for both ratings is stable. “The …
FINEOS Corporation, a leading innovator of banking and insurance software, has been named by The Irish Exporters Association as ‘Exporter of the Year’ for 2004. The Irish Prime Minister, Mr. Bertie Ahern, presented the award at the Exports Awards ceremony …
