The credit crunch in the U.S. financial markets that boiled over after the subprime mortgage meltdown may affect the ability of insurers and reinsurers that cover coastal areas to raise cash for claims if a major hurricane were to strike …
Standard & Poor’s Ratings Services has assigned its ‘A’ junior subordinated debt ratings to American International Group Inc.’s €750 million ($1.163 billion) of Series A-7 and £900 million ($1.752 billion) Series A-8 junior subordinated debentures. S&P also placed the ratings …
Farmington Hills, Mich.-based Burns & Wilcox named Charles Coffey as underwriter for the company’s Daytona Beach, Fla. office. Coffey brings to Burns & Wilcox more than 20 years of insurance industry experience. Previously, Coffey worked as senior consultant for Edd …
A.M. Best Co. has affirmed the financial strength ratings (FSR) of ‘A+’ (Superior) and issuer credit ratings (ICR) of “aa-” of Selective Insurance Group and its seven P/C pooling members. Best also affirmed the ICR of “a-” and the debt …
Florida residents could soon be faced with increased surcharges on their home, auto and other insurance policies because the state’s catastrophe fund needs more money to pay claims from past hurricanes. The Florida Hurricane Catastrophe Fund pays claims when insurers …
A federal judge set an Oct. 6 trial date for a Louisiana legislator charged with helping launder money for a woman accused of illegally selling insurance. Sen. Derrick Shepherd, who was indicted in April, did not appear in court for …
U.S. investor Warren Buffett is not interested in bidding for Royal Bank of Scotland’s (RBS) insurance arm and expects fallout from the credit crunch to keep roiling financial markets, he said on Monday. “I have ruled out doing anything with …
Six cars of a freight train derailed Saturday, May 17, causing a hydrochloric acid leak that forced thousands of people to leave homes, businesses and a nursing home within one mile of the wreck. The spilled acid sent a toxic …
An 83-year-old woman who hurt herself stepping into a pothole has won $3.8 million in damages from New York City. A Bronx jury awarded Janie Utsey (YOO’-tzee) the money for the injury she suffered five years ago when she stepped …
New York City stopped construction on an office tower near ground zero Saturday after a chunk of steel fell 18 stories onto a ballfield where dozens of children were playing, the second accident at the site in five months. No …
