A.M. Best Co. has downgraded the financial strength rating to ‘B++’ (Good) from ‘A-‘ (Excellent) and the issuer credit rating to “bbb+” from “a-” of Hong Kong’s Wing Lung Insurance Company Limited (WLI). The outlook for both ratings is stable. …
A bailout of troubled CL Financial Ltd. by Trinidad and Tobago’s central bank has been having ripple effects across the Caribbean, where regulators are liquidating the sprawling firm’s insurance subsidiaries to protect depositors. The Trinidad-based conglomerate, weakened by bad real …
Standard & Poor’s Ratings Services has issued a comment on its CreditWatch placement of Norway-based non-life insurer ASA (NEMI). The ‘BB’ insurer financial strength and long-term counterparty credit ratings on NEMI remain on CreditWatch with developing implications, where they were …
A.M. Best Co. has downgraded the issuer credit ratings (ICR) to “b” from “bb-” of Canada’s Kingsway Financial Services Inc. (KFSI) and Kingsway America Inc. (KAI), which is headquartered in Elk Grove Village, Ill. Best also affirmed its ratings on …
A.M. Best Co. has downgraded the financial strength rating (FSR) to ‘B+’ (Good) from ‘A-‘ (Excellent) and issuer credit rating (ICR) to “bbb-” from “a-” for the Barbados-based Imagine Insurance Company Limited, both with stable outlooks. Best then withdrew the …
A.M. Best Co. has upgraded the financial strength rating (FSR) to ‘A-‘ (Excellent) from ‘B++’ (Good) and the issuer credit rating (ICR) to “a-“from “bbb+” of Cyprus-based Alliance International Reinsurance Public Company Limited (Alliance Re). The outlook for the FSR …
A.M. Best Co. has affirmed the financial strength rating of ‘A’ (Excellent) and issuer credit rating of “a” of Barbados-based CIBC Reinsurance Company Limited (CIBC Re) (Barbados) with stable outlooks. CIBC Re is primarily a life reinsurance company that is …
The Caribbean Catastrophe Risk Insurance Facility (CCRIF) has been honored as the “Re/Insurance Initiative of the Year” at the 2008 Review Worldwide Reinsurance Awards. It’s the first such recognition for the 16-month old facility. A CCRIF bulletin described the ward …
An Atlantic storm threatened to pummel Puerto Rico and other islands with waves as high as 30 feet (9 meters) beginning late Wednesday, forcing tourists and other Holy Week vacationers to seek alternatives to the beach. The storm spawned tornadoes …
The Caribbean Catastrophe Risk Insurance Facility (CCRIF) announced that the Irish government has approved a $2.4 million contribution to the Caribbean risk pooling fund. “The contribution is the latest addition to the donor fund supporting the CCRIF, which was launched …
