Florida lawmakers are poised to consider restructuring the state-run property reinsurance facility by possibly lowering its mandatory annual capacity by billions due to concerns that one major storm could exhaust its resources and leave insurers without further coverage. The Florida …
A.M. Best Asia-Pacific Limited has affirmed the financial strength rating of ‘A-‘ (Excellent) and issuer credit rating of “a-” of The New India Assurance Company Limited, both with stable outlooks. The ratings reflect New India’s “strong risk-adjusted capitalization, improved underwriting …
Germany’s Federal Court of Justice has ruled that investors can sue Standard & Poor’s for failing to adequately reflect the deteriorating financial health of Lehman Brothers in its rating assessment shortly before the bank became insolvent. The court admitted a …
Seasonal rains triggered massive flooding in Indonesia’s capital on Thursday, killing at least four people, triggering the evacuation of at least 20,000 and paralyzing much of the city. Floods regularly hit parts of Jakarta in the rainy season, but the …
Given the reduced amount of merger and acquisition (M&A) activity as a result of the financial crisis, it’s not surprising that the deals, which do go through, engender greater risks. An article from Lloyd’s points out that “in such an …
Germany’s Allianz SE has announced that its losses from Hurricane Sandy are estimated to total €455 million [approximately $607 million at current rates]. Allianz’ bulletin used a lower exchange rate to put the estimate at $590 million. The figure is …
At least 22 foreign hostages were unaccounted for on Friday and their al-Qaeda-linked captors threatened to attack other energy installations after Algerian forces stormed a desert gas complex to free hundreds of captives, resulting in dozens of deaths. With Western …
Ryan Specialty Group’s (RSG) ThinkRisk Underwriting Agency and Aspen US Insurance have entered into a new underwriting partnership. ThinkRisk will transition its existing converging risk program –specialized errors and omissions insurance for media, advertising, technology, privacy and network and security …
Insurance ratings agency A.M. Best Co. said it has downgraded the financial strength rating to C (Weak) from C+ (Marginal) and the issuer credit rating to “ccc” from “b-” of Community Mutual Insurance Company in Castleton, N.Y. Concurrently, A.M. Best …
Delaware’s Office of Highway Safety says there were 116 traffic fatalities in the state in 2012, a 12 percent increase over 2011. The office says the increase was driven by a spike in crashes involving pedestrians and bicyclists. There were …
