A.M. Best Co. has assigned a debt rating of “bb+” to the €120 million ($156 million) principal-at-risk variable rate notes due January 10, 2010, issued by Atlas Reinsurance III p.l.c., a newly created Irish special purpose public limited company. The …
Bermuda’s XL Capital Ltd. has announced three senior management appointments, as follows: Michael E. Mathisen has been named Global Treasurer. He will oversee XL’s global liquidity, funding, cash management, foreign exchange, balance sheet and capital management transactions as well as …
A.M. Best Co. has affirmed the financial strength rating (FSR) of “A” (Excellent) and the issuer credit rating (ICR) of “a” of Bermuda-based Harbor Point Re Limited, and has assigned the ICR of “bbb” to Harbor Point Limited. The outlook …
In separate bulletins, A.M. Best Co. announced that it has upgraded the financial strength rating to “A” (Excellent) from “A-” (Excellent) and the issuer credit rating (ICR) to “a” from “a-” of the UK’s (EIO), and those of its subsidiary, …
Munich Re announced that it has transferred earthquake risks in California to the capital markets for subsidiaries of the Zurich Financial Services Group in cooperation with Aon Capital Markets, providing coverage through a $190 million catastrophe bond placement. Munich Re …
Itasca, Ill.-based Arthur J. Gallagher & Co. announced the acquisition of Mid America Group, Inc. located in Philadelphia, Penn. Terms of the transaction were not disclosed. Established in 1970 as an employee and executive benefit consulting firm, Mid America Group …
Mississippi Insurance Commissioner George Dale says he is working on a bill of rights for consumers, patterned after similar programs in Maryland and Florida. Dale, in a civic club speech this week in Gulfport, said no legislative action is required. …
Many Floridians already facing soaring insurance rates will be hit by additional surcharges that could tack another 9 percent to their premiums next year, according to the association that pays claims for defunct insurers. The Florida Insurance Guaranty Association approved …
About 1,400 corporate directors received option grants whose timing was manipulated, according to an academic study released this week. Of all options grants to directors, about 9 percent were received at “lucky” times — when the stock price was equal …
A port security task force this week urged that the nation adopt mandatory security standards for cargo and that the president appoint a port security czar to coordinate the federal agencies that oversee the nation’s 361 seaports. Shippers should also …
