Democrats urged business leaders to pressure President Bush to get involved and House Majority Leader Rep. Tom DeLay to stop blocking renewal of the federal terrorism insurance backstop if they want it to be approved. “The Democratic side is all …
The Texas Department of Insurance announced that record low loss ratios reported by Texas homeowners insurers in 2004 has prompted the department to order some of the state’s largest homeowners insurance groups to file and justify their rates. The filings …
A bill that is moving through the Florida House of Representatives could leave consumers and businesses with a hefty bill if the Florida Hurricane Catastrophe Fund is wiped out after a major hurricane. The proposed legislation, which unanimously cleared the …
A.M. Best Co. announced that it has affirmed the financial strength rating of “A” (Excellent) and the issuer credit rating of “a” of Barbados-based TD Reinsurance Inc. (TD Re) with a stable outlook. “The rating reflects TD Re’s consistently strong …
Swiss Re joined Munich Re in reporting strong 2004 results. The group reported net profits of CHF 2.5 billion ($2.167 billion) compared to CHF 1.7 billion ($1.474 billion) in 2003, a 45 percent gain, despite 2004’s natural catastrophe losses. Swiss …
The Bermuda-based Alea Group Holdings announced preliminary results for 2004 showing a pretax profit of $10.9 million, compared to $54.5 million in 2003.The result exceeded analysts’ forecasts, as many had predicted a loss. Alea, formed in 1997 with a management …
Standard & Poor’s Ratings Services announced that it has revised its outlook on the Alea Group to negative from stable. The revision includes the following companies: Alea Europe Ltd., Alea (Bermuda) Ltd., Alea Global Risk Ltd., Alea Jersey Ltd., Alea …
Neil Utley, the former chief executive of the U.K.’s Cox Insurance Holdings plc, who resigned in June 2004, has reached a preliminary agreement to takeover the company for £300 million ($577.6 million). A company bulletin said: “Cox announces that it …
Standard & Poor’s Ratings Services has stated that its ratings on XL Capital Ltd. (currently ‘A’ / Negative), all of XL’s related operating and holding companies, and Winterthur Swiss Insurance Co. (currently ‘A-‘ / Stable) “are likely to be unaffected …
Zurich Financial Services Group announced the appointments of Harald P. Stoehr (54) to Group Head of Human Resources (HR) and E. Randall Clouser (47) to Group Chief Marketing Officer and Head of Corporate Communications. Stoehr joins Zurich from Deutsche Bank …
