Patrick Mallet, President and CEO of Paris-based Mobility Saint-Honore, announced the acquisition of Norfolk International Group of Calgary, Alberta, Canada. The Company said it plans to merge Norfolk into its Canadian subsidiary, MSH Canada, based in Montreal, “to form a …
A.M. Best Co. announced that it has affirmed the financial strength rating of “A” (Excellent) and the issuer credit rating of “a” of Bank of Montreal Insurance (Barbados) Limited with a stable outlook. “These ratings reflect Bank of Montreal Insurance’s …
Standard & Poor’s Ratings Services and A.M. Best Co. have both issued bulletins concerning the proposed perpetual fixed-/floating-rate sterling-denominated subordinated notes to be issued by U.K.-based non-life insurer Royal & Sun Alliance Insurance Group PLC.. S&P assigned its “BBB” long-term …
A federal judge in Gulfport, Miss., who would have presided over homeowners’ lawsuits against insurance companies after Hurricane Katrina is waging his own battle against the insurer of his Gulf Coast home. U.S. District Judge Louis Guirola on Wednesday sued …
A.M. Best Co. announced that it has withdrawn the financial strength rating of “A+” (Superior) and the issuer credit rating of “aa” of the New Zealand-based Accident Compensation Corporation (ACC) and assigned an NR-4 (Company Request) rating. Best indicated that …
John Fitzpatrick, Swiss Re’s Head of Financial Services, is leaving the company to establish an investment fund in the insurance, securitization and financial services sector. Swiss Re’s bulletin indicated that it “plans to become a significant investor in this fund.” …
Swiss Re announced that the acquisition process of GE Insurance Solutions, including regulatory approvals, “is well on track for the expected mid-2006 closing of the transaction.” The soon to be world’s largest reinsurer also said it has enough cash on …
Standard & Poor’s Ratings Services moved quickly to affirm its “A” counterparty credit and financial strength ratings on IPCRe Ltd. and its “A” financial strength rating on IPCRe Europe Ltd. (collectively IPCRe), following the announcement that AIG intends to sell …
Bermuda-based IPC Holdings, Ltd. announced that AIG has given notice that it intends to exercise its demand registration rights to register for sale up to 15.397 million of the IPC common shares it owns (24.2 percent of outstanding shares) in …
Benfield, the London-based international reinsurance broker, announced that it has “formed a relationship with Merrill Lynch to offer insurers and reinsurers catastrophe (cat) bonds as a form of alternative capital for peak risk exposures.” Benfield’s bulletin notes: “Recent hurricane losses, …
