Following its affirmation of the parent company’s ratings (See previous article), A.M. Best Co. announced that it has assigned a financial strength rating of “A-” (Excellent) and an issuer credit rating of “a-” to Amlin Bermuda Limited, the newly formed …
A.M. Best Co. announced that it has downgraded the financial strength rating (FSR) to” B++” (Very Good) from “A-” (Excellent) and the issuer credit rating (ICR) to “bbb” from “a-” of Egypt’s Al Chark Insurance Company. The outlook on both …
French reinsurer SCOR Group announced that it has reached agreement with the Alea Group to acquire the renewal rights to its European reinsurance treaties for 2006. The move follows Alea’s sale of its renewal rights to certain portions of its …
A report prepared by Dr. Eberhard Faust, who heads Munich Re’s Climate Change Research Department, points to some significant changes in the hurricane risk factors in the North Atlantic. Munich Re notes: “The elevated frequency of intense storms in 2004 …
Bermuda-based IPC Holdings Ltd. reported the retirement of the Chairman of the Board of Directors, Joseph Johnson, effective Dec. 31, 2005. Johnson will also be retiring from the Board of Directors of IPCRe Limited effective Dec. 31, 2005. At a …
The earth under the New Madrid Seismic Zone either isn’t shifting or is barely shifting at all, say independent university analyses of global positioning system stations stuck in the ground and monitored for a decade. The St. Louis Post-Dispatch’s recent …
New York Attorney General Eliot Spitzer this week accused embattled insurance executive Maurice R. “Hank” Greenberg of participating in a series of financial transactions 35 years ago that cost the charitable foundation of his mentor $6 billion. Spitzer’s allegations were …
Federal authorities are investigating contracts and insurance policies of the agency that oversees public transportation services for 24 western Massachusetts communities. The government’s probe is also focused on the Pioneer Valley Transit Authority’s involvement with a $115 million project to …
Calif. Insurance Commissioner John Garamendi has announced the arrests of 17 suspects in connection with an alleged Southern California insurance fraud scheme that netted more than $100,000 through ruse involving a former claims adjuster and 16 co-conspirators. The arrests followed …
The California-based Latin American Agents Association has awarded Birmingham, Ala.-based Infinity Property and Casualty Corp. its “Auto Market of the Year.” This was the second time in five years that Infinity has been chosen for the award. All personal auto …
