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 New Castle Reinsurance Company Ltd., and assigned an ICR of “bbb-” to New Castle Reinsurance Holdings Ltd. …
Flooding from monsoon rains hit northern and eastern Malaysia as thousands of victims in a southern state waited for waters to recede in homes inundated weeks ago, news reports said Monday. Villages and towns in Kelantan, Terengganu and Kedah states …
Julianne Bowler has stepped down as Massachusetts insurance commissioner, making way for newly-installed Gov. Deval Patrick to name her successor. Joseph Murphy, first deputy commissioner, has been named acting commissioner, Insurance Journal has learned. Bowler has been with the state …
New York officials announced that the Interboro Mutual Indemnity Insurance Co. is on track to emerge in early 2007 from three years of insolvency and subsequent rehabilitation and return to the marketplace as a private sector company. The Mineola company …
Citation Re, a New York- based reinsurance company, is making available terrorism coverage for suburban risks. This stand-alone terrorism coverage has limits up to $65 million. Citation Re also announced the promotion of Brendan Cook to vice president. Among his …
State Insurance Commissioner George Dale said he has not decided whether to seek re-election this year, saying he is weighing family obligations and a desire to help Mississippi with the challenges still looming after Hurricane Katrina. “My family can’t understand …
P/C industry posts $24.4 billion net gain on underwriting in first three quarters of 2006 Driven by a sharp decline in catastrophe losses from hurricanes and other natural disasters in 2006, the U.S. property/casualty industry posted a $24.4 billion net …
The federal flood insurance program may be going broke after incurring $20 billion in debt from recent storms like Hurricane Katrina. But that hasn’t stopped politicians from trying to extend the taxpayer-subsidized coverage for some of the riskiest — and …
Delaware Commissioner of Insurance Matt Denn has taken arguments against insurance industry use of credit scoring to the U.S. Supreme Court, filing a brief in a pending case involving the practice. The amicus curiae, or “friend of the court,” brief …
Drunken-driving deaths declined slightly across the nation in 2005, and the rate of drunken-driving deaths fell in 23 states, according to transportation officials. The National Highway Traffic Safety Administration reported that 23 states and Puerto Rico had a decrease in …
