A.M. Best Co. has affirmed the financial strength rating of ‘A-‘ (Excellent) and issuer credit rating (ICR) of “a-” of Bermuda-based Third Point Reinsurance Company Ltd. (TPRCL). The outlook for both ratings is stable. Best also assigned an ICR of …
Hannover Re, the world’s third- biggest reinsurer, confirmed its profit target for this year even as the prices it charges customers for coverage fell. “Although the rate level in non-life reinsurance was broadly lower than in the previous year, we …
A.M. Best Co. announced the incorporation of its new subsidiary, A.M. Best América Latina, S.A. de C.V. The new office will be located in the financial district of Mexico City at Paseo de la Reforma 412 and will service Central …
Bermuda-based Montpelier Re Holdings Ltd. reported net income of $73.4 million for the fourth quarter of 2013, compared to a net loss of $26.6 million in the same period last year. For the full year 2013 the company reported net …
XL Group said it has “has strengthened its Marine team by appointing Jonathan Eaton as Chief Underwriting Officer, Global Cargo and Neil Cole as Global Business Manager, Marine.” Both Eaton and Cole are based in London and report to Lee …
France’s SCOR Group confirmed that the reinsurer “booked 8 percent gross written premium growth (at constant exchange rates) for the full year 2013, to €4.85 billion [$6.58 billion]. SCOR Global P&C also posted a 5 percent increase in gross premiums …
The ACE Group has announced the appointment of Nick Lee as Head of Client Management, UK & Ireland. He reports to COO UK & Ireland Phil Sharpe, and “will be responsible for driving forward ACE’s customer service proposition and ensuring …
As part of his administration’s plan for new tax revenues, Massachusetts Gov. Deval Patrick recently proposed applying a corporate tax rate to the state’s “pass-through entities” that are owned by insurance companies. The proposal was part of Gov. Patrick’s fiscal …
The Hanover Insurance Group Inc. in Worcester, Mass., reported net income of $70.1 million for its 2013 fourth quarter, improving from a net loss of $55.0 million during the 2012 fourth quarter. Prior-year loss results included the impact of $129 …
Narragansett Bay Insurance Co. in Pawtucket, R.I., has appointed Timothy Moura as senior vice president, marketing, agency and client services. Moura has nearly 20 years of experience in the insurance field. He most recently served as vice president, business development, …
