A.M. Best Co. announced that it has affirmed the financial strength rating of ‘A++’ (Superior) of Koelnische Rueckversicherungs-AG (Cologne Re) and its core subsidiaries, with a stable outlook. The affirmation was part of an overall reaffirmation of the ‘A++’ ratings …
Standard & Poor’s Ratings Services announced that it has assigned its ‘A’ insurer financial strength and counterparty credit ratings to Stein Insurance Co. (Jersey) Ltd., a Channel Islands-based captive insurer of Australia’s BHP Billiton Ltd. group, with a “positive” outlook …
Standard & Poor’s Ratings Services announced that it is maintaining its CreditWatch with negative implications on various Australian and New Zealand subsidiaries of Tower Ltd. “following the profit warning issued by the insurance group today.” The current ratings on various …
Standard & Poor’s Ratings Services announced that it has lowered the insurer financial strength and counterparty credit ratings on AMP Life Ltd. to ‘A+’ from ‘AA-‘, and has also lowered its ratings on AMP Group Holdings Ltd. and AMP Bank …
Royal & SunAlliance announced that the initial public offering of shares in the Promina Group, its Australian and New Zealand subsidiaries, will raise around £662 million ($1.062 billion) for R&SA and A$150 million (U.S. $97 million) for Promina, after costs …
KPMG’s Tony McGrath, the liquidator in charge of marshalling the assets of Australia’s failed HIH Insurance Ltd., indicated that the company’s creditors may eventually get between 10 and 20 Australian cents (between 6.2 and 12.4 U.S. cents) on the dollar, …
The long-awaited report from the royal commission investigating the collapse of Australia’s HIH in March of 2001, has been issued. It concluded, that, although there may have been breaches of civil and criminal law by the company’s managers, the company’s …
Standard & Poor’s Ratings Services announced that it expects to raise the insurer financial strength and counterparty credit ratings on the principal Australian and New Zealand-based general insurance subsidiaries of the U.K.’s Royal & Sun Alliance, the Promina Group Ltd., …
Standard & Poor’s has removed from CreditWatch its long-term counterparty credit and senior debt ratings on Chubb Corp. and lowered them to ‘A’ from ‘A+’ because it does not believe that Chubb’s operating performance and capital strength support the former …
With the selection of the design submitted by Berlin-based architect Daniel Libeskind, rebuilding of the World Trade Center site has begun. Walking around the 16 acres of open space in the heart of New York one finally begins to comprehend …
