Latest Assurance Headlines
All the headlines from our Assurance Topic Page, ordered by recency.
Former La. Lawmaker: Restitution Cash from Insurance Co. Liquidation
Mar 20 2008 // Former Louisiana Senate president Michael O’Keefe, serving 19.5 years for stealing from a failed medical malpractice insurance company, said he and his codefendants plan to pay $4.7 million in restitution by using...
S&P Takes Bond Insurer Rating Actions
Feb 26 2008 // Standard & Poor’s Ratings Services announced several rating actions on a number of monoline bond insurers “following additional stress tests with respect to their domestic nonprime mortgage...
Fitch Downgrades Security Capital, XL’s Guaranty Subsidiaries
Jan 28 2008 // Fitch Ratings announced that it has downgraded the following ratings on Security Capital Assurance Ltd. (SCA) and its financial guaranty insurance subsidiaries: XL Capital Assurance Inc. (XLCA) XL Capital Assurance (U.K.)...
Best Lowers XL’s Ratings; S&P Sees No Change
Jan 28 2008 // A.M. Best Co. and Standard & Poor’s Ratings Services have been reexamining their ratings on the Bermuda-based XL Capital. and its subsidiaries in light of recent announcements (See IJ web site...
Munson-Regala to Head Minn. Market Assurance Division
Jan 28 2008 // Minnesota Insurance Commissioner Glenn Wilson recently announced that Manny Munson-Regala has been named deputy commissioner and will lead the Market Assurance Division at the Minnesota Department of Commerce....
Fitch Affirms AIG, Subs ‘AA’ Ratings
Jan 16 2008 // Fitch Ratings has affirmed American International Group’s Issuer Default Rating (IDR) at ‘AA’ and affirmed its ratings on all of AIG’s insurance subsidiaries at the same level. The rating outlook is...
Best Revises Stoneheath, FLAC Outlooks to Negative on SCA/XL Concerns
Jan 10 2008 // A.M. Best Co. has revised the rating outlook to negative from stable for the debt rating of “bbb” on $350 million non-cumulative perpetual preferred securities (issuer preferred securities) issued by Stoneheath...
Ratings Recap: General (India), SCA, Successor Hurricane, Wing Lung, Dao Heng, Sovereign Assurance
Dec 31 2007 // A.M. Best Co. has affirmed the financial strength rating of A- (Excellent) and the issuer credit rating (ICR) of “a-” of General Insurance Corporation of India (GIC) and has revised its outlook on both ratings...
S&P Announces Rating Actions on Bond Insurers; Teleconference Today
Dec 20 2007 // Standard & Poor’s Ratings Services has announced various ratings actions (see list below) on six financial guaranty insurance companies. “The rating actions were prompted by worsening expectations for the...
S.C. Places Capital Assurance Risk Retention Group in Receivership
Nov 16 2007 // The South Carolina Department of Insurance placed Capital Assurance Risk Retention Group (CARRG) in receivership for the purposes of rehabilitation. On Oct. 31, the Richland County Court of Common Pleas issued an order...
Assurance Agency’s Seminar HIghlights Legal Concerns, Human Resources
Oct 9 2007 // Schaumburg, Ill.-based Assurance Agency, recently held an educational seminar on “The ‘New’ Legal Landscape for HR Professionals – A 2007 Report” at the headquarters in Elk Grove Village, Ill....
Ill. Assurance Named One of Chicago’s Best Companies
Jul 5 2007 // Assurance Agency Ltd., located in Schaumburg, Ill., was recently named as one of Chicagoland’s 101 Best and Brightest Companies to Work For a second year in a row. The 101 Best and Brightest awards, administered by...
Best’s Rating Actions on R&SA-Canada
Jun 28 2007 // A.M. Best Co. has affirmed the financial strength ratings (FSR) of “A-” (Excellent) and assigned issuer credit ratings (ICR) of “a-” to Royal & Sun Alliance Insurance Company of Canada (RSA...
Ill. Assurance Sponsors Workers’ Comp Seminars for Executives
May 31 2007 // Schaumburg, Ill.-based Assurance Agency Ltd. recently announced that it has produced an educational seminar titled “Unlocking the Secrets of Workers’ Compensation Insurance.” The free seminar will be held...
RMS Appoints Cruze VP of Quality Assurance
May 30 2007 // Newark, Calif.-based Risk Management Solutions has appointed Sandra Cruze vice president and lead of quality assurance. In her new role, Cruze will focus on software quality, streamlining processes, and improving testing...
Recent Ratings Recaps: MAPFRE; NZ Civic Assurance
May 29 2007 // A.M. Best Co. has affirmed the financial strength rating of “A” (Excellent) and has assigned an issuer credit rating (ICR) of “a” to MAPFRE PRAICO Group of Puerto Rico. Best also affirmed the FSR of...
Colo.’s Pinnacol Assurance Announces Senior Hires, Promotions
May 9 2007 // Denver-based Pinnacol Assurance, Colorado’s largest workers’ compensation insurer, announced the following promotions/new hires: Mark Andreatta has been promoted to associate vice resident. He previously was a...
Texas AG Settles $2.1M Antitrust Case with Allied World Assurance
Apr 13 2007 // A settlement has been reached in an investigation that Texas Attorney General Greg Abbott says uncovered collusion between a Bermuda-based commercial casualty insurer and various U.S. insurance companies. The settlement...
Ill. Assurance Adds Vice President, Executive Benefits Consultant
Mar 29 2007 // Schaumburg, Ill.-based Assurance Agency, Ltd. recently announced the addition of Mike Roseri as vice president, executive benefits consultant on Assurance’s Benefits team. He will report directly to Jackie Gould,...
Arch Insurance Names O’Donnell to Head Executive Assurance Unit
Feb 2 2007 // The Arch Insurance Group, a subsidiary of Bermuda-based Arch Capital Group Ltd., announced that Joseph C. O’Donnell has been promoted to Executive Vice President responsible for Arch Insurance Group’s Executive...
